Europe's second-biggest chemical maker- Bayer AG, is seeking funds to the tune of US$800 million to build chemical plants in China. In its largest ever investment abroad, the company will spend US$1.8 billion until 2009 to build facilities on a 1.5-sq-km site in Caojing, China's largest chemical industry park.
The plants will make raw materials including MDI for polyurethanes and polycarbonate, to meet growing demand for chemical products used to make cars and insulate buildings in the country and Asia Pacific. Bayer has set a target of US$1 billion of annual sales from its China trading unit in five years.
10-May-06 
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