September 12, 2018 / 10:14 AM / in 7 months

UPDATE 1-Thyssenkrupp wins order to build chemicals plant in Hungary

* MOL to invest 1.2 billion euros

* Most of that attributable to Thyssenkrupp

* Plant to start operations in 2021 (Adds detail on Thyssenkrupp contract share, context)

LONDON, Sept 12 (Reuters) - Thyssenkrupp has won an order from MOL Group to build a chemicals plant in northern Hungary, in a boost to the German conglomerate’s troubled industrials unit.

MOL is spending a total of about 1.2 billion euros ($1.4 billion) on the plant, which will be able to produce 200,000 tonnes of polyether polyol a year once it starts up in 2021, the companies said in a joint statement on Wednesday.

A spokeswoman for Thyssenkrupp said that most of the investment volume is attributable to its Industrial Solutions division, which has been hit by cost overruns and forced the group to slash its full-year profit target in July.

“We look forward to our further cooperation and are proud to contribute our decades of experience in chemical plant engineering and the handling of such major projects,” Marcel Fasswald, chief operating officer of Thyssenkrupp’s Industrial Solutions unit, said.

“At the same time, we are strengthening the plant engineering business of Thyssenkrupp,” he added.

MOL said the plant will make it the only integrated producer of polyether polyols - which are needed for products in the automotive, construction, packaging and furniture industries - in the Central and Eastern Europe region. ($1 = 0.8630 euros) (Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Michelle Martin and Alexander Smith)

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