Bayer to invest €1bn in Shanghai, eyes €5bn Greater China sales

09 December 2010 08:20  [Source: ICIS news]

SINGAPORE (ICIS)--Bayer plans to pour in €1bn ($1.33bn) investment to expand its facilities in Shanghai, in line with its aim to generate about €5bn in total sales from the Greater China region by 2015, the German chemical producer said on Thursday.

"The expansion of our capacities in China is an important step in strengthening our presence in the emerging economies," said Bayer chairman Marijn Dekkers in a statement.

"We want to increase group sales in Greater China to around €5bn by 2015. MaterialScience is expected to contribute at least half of this amount," said Dekkers.

The target represented about a 58% surge from actual sales last year at €2.1bn, 48% of which came from Bayer’s MaterialScience business, based on the company’s statement.

($1 = €0.75)

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