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German vote of confidence
By Richard Fu |
December 10, 2010, Friday
|
Print Edition
Print Edition
TWO German chemical companies have announced plans to invest in facilities to produce high-quality materials in China.
Bayer's MaterialScience unit will invest about 1 billion euros (US$1.33 billion) at its site in Shanghai Chemical Industry Park to expand production capacity for high-grade materials by 2016.
Among the new projects, Bayer will build a new 500,000-ton-a-year MDI plant and expand an existing MDI facility from 350,000 tons to 500,000 tons.
The combined annual capacity of 1 million tons will make the Shanghai site the world's largest MDI facility, said Patrick Thomas, CEO of Bayer MaterialScience.
"It is strategically important to have the necessary capacities in the Asia-Pacific region to meet constantly rising demand," Thomas said yesterday.
On Wednesday, Bayer signed a letter of intent with the Shanghai city government regarding the proposed investment.
MDI is a key chemical building block of polyurethanes that are widely used in construction, upholstery and automotive.
BASF also plans to complete a MDI plant in Chongqing by 2013.
Separately, specialty-chemical maker Lanxess, a spin-off of Bayer, said it will build a US$40 million plant for leather chemicals in Changzhou, Jiangsu Province, its single largest investment in China. The 50,000-ton-a-year plant will start operating in the first half of 2013.
Bayer AG sees sales in China to rise to 5 billion euros by 2015 from 2.1 billion euros in fiscal 2009, with at least half to be contributed by the MaterialScience unit.
Bayer's MaterialScience unit will invest about 1 billion euros (US$1.33 billion) at its site in Shanghai Chemical Industry Park to expand production capacity for high-grade materials by 2016.
Among the new projects, Bayer will build a new 500,000-ton-a-year MDI plant and expand an existing MDI facility from 350,000 tons to 500,000 tons.
The combined annual capacity of 1 million tons will make the Shanghai site the world's largest MDI facility, said Patrick Thomas, CEO of Bayer MaterialScience.
"It is strategically important to have the necessary capacities in the Asia-Pacific region to meet constantly rising demand," Thomas said yesterday.
On Wednesday, Bayer signed a letter of intent with the Shanghai city government regarding the proposed investment.
MDI is a key chemical building block of polyurethanes that are widely used in construction, upholstery and automotive.
BASF also plans to complete a MDI plant in Chongqing by 2013.
Separately, specialty-chemical maker Lanxess, a spin-off of Bayer, said it will build a US$40 million plant for leather chemicals in Changzhou, Jiangsu Province, its single largest investment in China. The 50,000-ton-a-year plant will start operating in the first half of 2013.
Bayer AG sees sales in China to rise to 5 billion euros by 2015 from 2.1 billion euros in fiscal 2009, with at least half to be contributed by the MaterialScience unit.
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