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Bayer MaterialScience AG, one of the world's leading producers of polymers and high-performance plastics, today (February 22) announced the opening of its new regional Asia-Pacific headquarters in Hong Kong.
The company has combined the regional management functions of its business and service units in Asia-Pacific and of the former Regional Service Center into Bayer MaterialScience Ltd. in Hong Kong. Through the new regional headquarters, Bayer MaterialScience (BMS) aims to strengthen communication and co-operation among all of its functional areas and achieve sustained improvements in efficiency.
The company's decision demonstrates its commitment to long-term development in the region. It also represents a strong endorsement for Hong Kong as a location for managing regional operations.
To cope with the large-scale operation in Hong Kong, the new set-up will create new jobs locally. The company has employed about 280 staff so far, and will continue to recruit local talent to support the rapid expansion. Invest Hong Kong has been working closely with Bayer MaterialScience throughout its decision-making process to establish a regional base in Hong Kong.
Speaking at today's opening ceremony, the Head of Asia Pacific and Managing Director of BMS, Dr Frank R?vekamp, said, "We selected Hong Kong as our regional headquarters, as this city is excellently located near most of our main markets. Hong Kong also offers a great infrastructure as well as an open, cosmopolitan and pluralistic atmosphere."
"We and most of our customers operate in many places around the world. Our big production plants are designed to serve many surrounding countries. Since our customers rapidly exploit market opportunities in the whole region, it is natural for us to bring in a regional perspective of co-ordination and steering for our business. We therefore set up our service platform accordingly."
The Secretary for Commerce, Industry and Technology, Mr Joseph WP Wong; the Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Mark Michelson; the Chief Administration Officer of the Board of Management at BMS, Prof. Dr. Gottfried Plumpe; and the head of marketing and innovation at the Board of Management, Mr Ian Paterson; as well as senior representatives from the German Consulate General and the German Industry and Commerce all attended the opening event.
According to Dr R?vekamp, the Asian markets showed a promising growth potential for Bayer MaterialScience. The founding of regional organisation in Hong Kong was one of several steps to take advantage of this potential.
Mr Wong welcomed the company's decision to establish a regional base in Hong Kong and said Bayer MaterialScience was joining a vibrant German community with more than 2,000 residents and 550 companies doing business in Hong Kong.
"I thank Bayer MaterialScience for your vote of confidence. We recognise the importance of Bayer MaterialScience and that of other overseas investors in bringing in new jobs, ideas, services and technologies into Hong Kong to strengthen the overall competitiveness of our economy."
"We are working to make Hong Kong even more attractive to innovative companies like Bayer MaterialScience. During the past few years, we have made a substantial investment in science and technology. Today, we have a pool of talent and skilled labour, excellent infrastructural support such as the Hong Kong Science and Technology Park and Cyberport; world-class universities and research personnel with a strong link with the business sector; and a robust and vigorously enforced intellectual property legislation which is on a par with international standards."
Dr R?vekamp also stressed that the company was implementing a strong investment policy for Asia. Apart from the expansion in Hong Kong, the company has committed to a US$1.8 billion investment programme for the integrated Caojin site near Shanghai, with the opening of at least one large-scale facility each year until 2009. This is the largest investment Bayer has ever made outside Germany.
The BMS Board Member, Mr Ian Paterson, emphasised the importance of the Asian region, saying, "In the future, we expect to see continued, significant growth potential for the Asia Pacific region. Our new regional headquarters in Hong Kong will make a decisive contribution to allowing us to seize this market opportunity."
In 2004 Bayer MaterialScience, which employs 18,000 people at 40 production sites around the globe, posted total sales of EUR 8.6 billion and an operating result of EUR 641 million.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Wednesday, February 22, 2006
Issued at HKT 18:16
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