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Bayer Signs Agreement For China Investment

Bayer SignsAgreement For China InvestmentGermany-based Bayer has signed an agreement with the Shanghai Chemical Industry Park Co. Ltd. for a production site in China. Bayer plans to invest $3.1 billion in the site.Asia continues to show high long-term potential despite a possible short-term slowdown as a result of the economic weakness in the U.S., said Bayers CEO, Dr. Manfred Schneider. To expand business in the region, Bayer will therefore continue to commit substantial funds to establish facilities for production and product development in China.Construction began on the new production site which will combine several individual production facilities into a network-sharing infrastructure in November 2001.The three core projects include operations to manufacture colorants and coatings systems, thermoplastics (Bayers polycarbonate Makrolon®) and polyurethane raw materials.In addition to these primary projects, Bayer has further plans for high-performance plastics facilities, as well as plants for additional precursor products and basic chemicals.According to Schneider, the total value of Bayers investment program in Asia, initiated in 1994, will reach approximately $6 billion by the year 2010.January 2002