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China will pull the world economy out of the downturn, said David Weidman, the CEO of Celanese [CE
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], a $6.4 billion integrated chemical company that reported better than expected earnings on Tuesday.
“By far and away, the biggest strength we see is China,” said Weidman. "We're investing in China. We just recently completed an expansion of a facility in Nanjing, China and that facility has started up successfully and it sold out in a matter of 60 days."
In fact, the company plans to double capacity of its manufacturing facility in Nanjing by the first half of 2011. Although Chinese exports remain weak right now, Weidman attributes China's rebound to strong infrastructure and consumer spending.
Meanwhile, demand across the globe is also stabilizing, he said. And even if the U.S. economy remains relatively unchanged next year, Weidman anticipates growth for Celanese.
“2010 is very exciting for us,” he said. “We see earnings increasing by $1 a share. We see volume growth next year compared to what we’ve seen this year.”
Weidman has also seen some improvement in the U.S. economy:
“We think that the cash for clunkers program was positive but what it did was brought consumers back into showrooms again,” he said.
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