Bayer MaterialScience buys Taiwan’s Ure-Tech

02 July 2007 10:24  [Source: ICIS news]

MUMBAI (ICIS news)--Bayer MaterialScience said on Monday that it has acquired Taiwan's Ure-Tech and intends to make Hong Kong the global headquarters for its thermoplastic polyurethanes (TPU) business by 1 October.

"Moving our global headquarters would help the company tap into and capture future growth in the world’s largest and fastest expanding TPU market, which is greater China," said Tim Bielfeldt, global head of Bayer MaterialScience's TPU business unit.

The move has made the company the best-positioned global supplier of TPU resins and films and related solutions and it now aims to become the number one player in the segment, he added.

Bayer MaterialScience now operates eight TPU resin and film production sites, including Ure-Tech’s two facilities in Asia-Pacific.

In 2006, the global market for TPU resins and films was estimated to be worth about €1.3bn ($1.8bn), Bayer said.

In Asia Pacific alone, the TPU market is growing at an estimated annual rate of 10%, it added.

Both companies have agreed not to disclose the purchase price.

($1 = €0.74)

By: Divya Chowdhury
+65 6780 4359

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