Covestro recently announced its supervisory board of has approved an investment of around €1.5 billion (approximately $1.7 billion) to build a new MDI plant in Baytown, Texas. This investment at the existing site in Baytown is reportedly the largest single investment in the history of the company. Total capacity will be 500 kt MDI per year, start of production is expected in 2024. At the same time, an older, less efficient MDI unit of 90 kt production capacity will be closed.
“Demand for innovative MDI materials will continue to grow for the foreseeable future and likewise promises attractive capacity utilization rates. We have already announced a significant increase in capital expenditures, now it’s time to put it into action”, said Markus Steilemann, Ph.D, CEO. “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.”
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Top 5 News that Sticks for October 28-November 3
1. Covestro to Invest €1.5 Billion on New MDI Plant
2. Bio-Based Adhesives Market Continues to Grow
3. Evonik Names EMCO-INORTECH ULC as Distributor in Canada
4. Michelman Holds Commitment to Community Day
5. Consolidated Biofuels to Build New Facility for Green Polyols
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