Investment plan

Covestro announces new investment plan at CIIE debut

German company Covestro has announced plans to invest in a new manufacturing facility in Shanghai and has secured the first deal for renewable MDI (methylene diphenyl diisocyanate) in the Asia-Pacific region, the company said when it first appeared. at China International. Import Fair (CIIE).

MDI can be used in clothing, automotive interior materials, and thermal insulation of refrigeration equipment and buildings.

Covestro plans to build a new polyurethane elastomer systems plant in Shanghai with an investment of “tens of millions of euros” amid growing global demand, particularly in the Asia-Pacific region. Specialty chemical materials are used in industries ranging from solar power to offshore wind power and material handling.

The plant is expected to start operating in 2023 at Covestro’s integrated site in Shanghai, with a total investment of 3.5 billion euros (US $ 4.04 billion).

“We believe our elastomers and other high-tech material solutions can contribute to the country’s sustainability and carbon-neutral ambitions,” said Holly Lei, President of Covestro China, at her CIIE booth.

Lei was also joined by Markus Steilemann, CEO of Covestro, who delivered an online speech for the CIIE.

During the CIIE, Covestro also secured its first commercial order in the Asia-Pacific region for a professional MDI of polyurethane raw material with the Huafon group.

Covestro has also signed partnership agreements at CIIE with universities and researchers, including the Shanghai Institute of Organic Chemistry (SIOC) and Tongji University.


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