Bayer to invest €1 bn in five projects in China
09 Dec 2010
German pharmaceutical and chemical giant Bayer Group, yesterday announced that it will invest €1billion ($1.3 billion) in China to increase sales by more than double in the country to €5 billion by 2015 from €2.1 billion last year.
''The expansion of our capacities in China is an important step in strengthening our presence in the emerging economies,'' said Bayer AG's management board chairman, Dr Marijn Dekkers. ''We want to increase Group sales in Greater China to around €5 billion by 2015.''
Bayer, known for its original brand Asprin, will invest in five separate projects to expand its production facilities in Shanghai Chemical Industry Park.
The €1-billion investment is in addition to Bayer's €2.1-billion investment in Shanghai as part of a long-term project till 2012, taking its now announced expansion investment in China to more than €3 billion.
The company will be moving the headquarters of the global polycarbonate activities of Bayer MaterialScience from Leverkusen in western Germany to Shanghai next year to be closer to the global polycarbonates market.
Polycarbonates are a type of plastic used mainly in the automotive, electrical and electronics, and construction industries.