Bayer To Invest DM 4bn in Asia Pacific

German chemical and pharmaceuticals group Bayer has said that it remainscommitted to its expansion plans in the Asia Pacific region, despite the recent currency turmoil in South East Asia. Bayer spokesman Dieter Becher told reporters in Hong Kong that the company plans to spend 4 billion Deutschemarks ($2.31 billion) over the next 10 years on capital expenditures and acquisitions to increase Asia's share in total group sales from 14% in 1996 to 25% by 2010.

1st Manuf Plant In China Bayer has established its first manufacturing base in China, which opened on November 21 in Beijing. Bayer Healthcare Co will produce, among others, the company's antidiabetic agent Glucobay (acarbose) and the antihypertensive Adalat (nifedipine). Bayer holds 95% of the capital in the company, while the Beijing Economic and Technological Investment and Development Corp owns the remaining 5%.

Bayer has invested close to $30 million in the plant and has a further 15 joint ventures either established or under negotiation in China. The company noted that it intends to form a JV with Shanghai Zhongxi Pharmaceutical Company to produce a range of crop protection agents, and plans a second JV with the same firm to manufacture Baygon insecticides.