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.