Borealis to complete construction of UAE centre

Prospering plastic producer Borealis AG has said the construction of a centre for innovation in Abu Dhabi should be completed soon.The Vienna-based company – which also runs factories in Austria and Sweden among other countries – announced today (Thurs) that the facility in the capital of the United Arab Emirates (UAE) will be operating by the end of this year.Borealis achieved a turnover of 1.86 billion Euros in the first three months of this year, up by 31 per cent compared to the same time span of 2010. Its net profit soared from 54 million to 174 million Euros. The firm said it was confident about the remainder of the year.Austrian oil and gas provider OMV AG holds a 36 per cent interest in Borealis.Meanwhile, cellulose fibre manufacturer Lenzing AG admitted it has been experiencing difficulties to meet the high demand for its products. The Upper Austrian company explained that it had many orders from firms in strong economies and emerging markets like China, India and Turkey.Lenzing has a global market share of 17 per cent. The company has 6,000 employees. It achieved a turnover of 1.29 billion Euros in the first nine months of 2010.