GO
Loading...

Enter multiple symbols separated by commas

Bayer Plans to Invest $1.8B in Shanghai

Bayer MaterialSience AG will increase its capacity at a planned facility in Shanghai, investing around $1.8 billion (1.4 billion euros) in the plant, the company said Tuesday.

The plant will produce toluene diisocyanate, or TDI, which is used in the production of upholstered furniture, mattresses and car seats, and increase its capacity to 300,000 tons from 160,000 tons annually, Bayer said.

The Shanghai site is intended to become a central base in Bayer MaterialScience's production network in the Asia-Pacific region.

"Our new world-scale plant is designed to supply customers in the region's growth markets in the long term and is scheduled to be ready in 2009," said Patrick Thomas, Chief Executive of Bayer MaterialScience.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.