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Covestro to Invest $1.7B in TX Expansion

Tuesday, October 23, 2018

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Polymers giant Covestro (Leverkusen, Germany) recently announced that its board approved an investment of 1.5 billion euros ($1.7 billion) to build a new world-scale MDI (methylene diphenyl diisocyanate, a key chemical in polyurethanes) plant in Baytown, Texas.

JohnWilliamDoe, CC-BY-SA-3.0, via Wikimedia Commons

Polymers giant Covestro (Leverkusen, Germany) recently announced that its board approved an investment of 1.5 billion euros ($1.7 billion) to build a new world-scale MDI (methylene diphenyl diisocyanate, a key chemical in polyurethanes) plant in Baytown, Texas.

This marks the largest single investment in the history of the company.

The Plan

Total capacity for the new plant will be 1.1 billion tons of MDI per year, and production is slated to begin in 2024.

"Demand for innovative MDI materials will continue to grow for the foreseeable future and likewise promises attractive capacity utilization rates,” said CEO Markus Stellemann.

“We have already announced a significant increase in capital expenditures; now it's time to put it into action. With the new MDI train in Baytown, we will further strengthen our global leading position in Polyurethanes, even better serve our customers and create long-term shareholder value."

According to the Houston Chronicle, Covestro, which spun off from Bayer in 2015, has 30 production sites worldwide and employs more than 16,000 people. The company's Baytown site, built in 1971, is its largest in the U.S.

The Baytown plant employs about 1,000 people, and the site expects to add at least another 25 to support expanded operations.

   

Tagged categories: Business matters; Business operations; Covestro; Polyurethane

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