Bayer AG to raise Asian investments

Bayer AG to raise Asian investments

BOMBAY (AFP): German chemicals and pharmaceuticals giant Bayer AG has said it would step up investments in Asia by 2000 to at least one billion German marks (about US$650 million) and increase its presence in India.

"Investments in the Far East will total at least one billion DM 9German marks) by 2000 and a significant share will go to India," Bayer board member Dieter Becher said in a statement over the weekend.

Bayer recently completed 100 years in India where it produces pesticides, chemicals for agricultural use, pharmaceuticals, other chemicals and thermoplastics.

Becher said the company would significantly increase activities in India.

"New investments or joint ventures with Indian partners will be explored in pharmaceuticals, consumer care, synthetic rubber, plastics and polyurethane raw materials based on our company's strengths in these business areas," he said.

Becher said expansion in Asia was top priority.

"Last year the Far East generated sales of 7.5 billion DM, corresponding to 17 percent of group sales," he said, adding that the group aimed at doubling sales in the region in the next decade.

Bayer expects Asia to account for between 25 and 30 percent of the world chemicals market by 2010. "Bayer's goal is to see this reflected in the spread of its global sales," he said.

Becher said 1995 was the best year for Bayer, with global sales of 44.6 billion marks and a net income of 2.4 billion marks.