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Bayer Signs 340 Million Dollar Polycarbonate Project in Shanghai
German chemical giant Bayer has signed a 340 million U.S. dollar polycarbonate joint venture project with China's Shanghai Chloride Co. Ltd.
According to the agreement signed here Wednesday, Bayer will have a 90 percent stake in the plant to be located at the Shanghai chemical industry zone, and the Shanghai firm will own 10 percent.
Construction of the plant is expected to begin in October. The first phase of the work will be operational in 2003.
The plant will produce 100,000 tons of polycarbonate when the second phase is completed in 2005.
Its products will be supplied to both China and the Asia and Pacific markets.
Bayer now owns 11 enterprises in China, which is its second largest market in Asia. The company recorded sales totaling 740 million euros in China in 2000.
Its partner, Shanghai Chloride, is one of the largest chemical producers in China.
Polycarbonate is a kind of engineering plastic widely used in machinery, electronics, transportation, construction and other industries.
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