Companies

Bayer to double China sales

(Agencies)
Updated: 2010-12-09 16:17

Bayer AG plans to more than double its China sales by 2015 from 2009 to about 5 billion euros ($6.7 billion), Bloomberg reported on Dec 8.

Related readings:  Bayer execs calm about compulsory licensing clauses  Bayer to play role in shaping China's environmental future  BlueStar, Bayer sign eco-friendly tech deal  Bayer: Beijing branch heavily involved in its worldwide growth

The Europe's largest drug and chemical maker plans to spend about 1 billion euros to expand production capacity for high-grade materials in Shanghai, Bloomberg said, citing a company statement.

Bayer's sales in China were 2.1 billion euros in fiscal 2009, it said.

Bayer's polycarbonates business will be relocated from Leverkusen to Shanghai beginning next year, it said. The Asia Pacific region accounts for about 60 percent of the world's market for polycarbonate, a plastic used in the automotive, electronics and construction industries, Bayer said.

The company will build a new polycarbonate plant in Shanghai with annual capacity of 200,000 tons and expand an existing facility by 50 percent to 300,000 tons, according to the statement.