Bayer Spotlights China For Growth In Asian Markets

German chemicals and pharmaceuticals major Bayer AG is planning to expand its market position in Asia significantly, and to double sales in China from their present 722 million Deutschemarks level to 1.5 billion marks ($1.02 billion) within the next 10 years.

Speaking at a groundbreaking ceremony for a new joint venture in China, Bayer Healthcare Co Ltd, Bayer chairman Manfred Schneider said that from the fourth quarter of 1997, the new operation will be producing the company's products such as Adalat (nifedipine), Glucobay (acarbose) and Nimotop (nimodipine), as well as emulsions and diagnostic test strips. Annual sales are expected to reach 110 million marks by the year 2000.

450 D-Marks Earmarked For Investment In Chinese JVs Dr Schneider told journalists after the groundbreaking ceremony that the company plans to raise Asia's contribution to Bayer group sales from 17% (7.5 billion marks) at present to 25% over the next 10-15 years. To achieve this goal, he said, Bayer will be increasing its investment in major countries in the Asia-Pacific region to at least 1 billion marks. As a first step, he added, Bayer has earmarked 450 million marks for a program of joint ventures in China.