BASF to Expand Business in China

Germany's largest chemicals company, BASF, is planning to expand its already strong presence in China. By the year 2010, the manufacturer would like 10 percent of its business to be conducted in the country. "We are convinced that China will continue to be Asia's motor, particularly in the chemicals industry," said BASF chairman Andreas Kreimeyer at a ceremony to open its newest plant in Nanjing. Together with its Chinese partner Sinopec, the Ludwigshafen-based company invested $2.9 billlion (2.4 billion euros) into the plant that will produce 1.7 million tons of chemical goods and polymers for the Chinese market annually. Industry experts expect the Chinese chemicals market to continue growing in order to supply more and more customers, such as car makers, who have built plants in China.