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Bayer to spend €1 billion on China expansion

The Local · 9 Dec 2010, 11:32

Published: 09 Dec 2010 11:32 GMT+01:00

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The company will invest in five separate projects to expand its production facilities in Shanghai, the financial hub of the world's second largest economy, Bayer said in a statement.

The new investment is in addition to Bayer's €2.1 billion investment in the city as part of a long-term project due to be completed in 2012. The latest plan signals Bayer will intensify its focus on the Asia Pacific region, where it expects consistent growth in its customer industries, the company said.

"The strong economic growth in China and in the whole region offers us outstanding opportunities, and we want to make the most of them," Bayer MaterialScience chief executive Patrick Thomas said in the statement.

It also announced Thursday plans to move the headquarters of its polycarbonates business to Shanghai from Leverkusen in western Germany and expand its Shanghai research and development centre for polymers.

Polycarbonates are a type of plastic used in the automotive, electronic and construction industries.

Story continues below…

China's economy expanded 9.6 percent year-on-year in the third quarter. The World Bank expects the economy to grow 10 percent this year before slowing to 8.7 percent in 2011.


The Local (news@thelocal.de)

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Your comments about this article

17:23 December 9, 2010 by DinhoPilot
To China everyone... full power!
17:30 December 9, 2010 by darwiniandemon
Just a matter of time until the Chinese steals the technology.
18:27 December 9, 2010 by drdoom
hahaha great move by Bayer.

Once Bisphenol-A is banned here, they can continue business there - poor Asians.
12:53 December 11, 2010 by padu
the Chinese steals the technology? I only hope German will not offer out-of-date recipe as equity to a corpoaration. Dont forget the China is the only country which bought Siemens Maglev tech which German had spent a hell to develop but to nobody wanted to buy.

ASo say thanks to China.
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