KfW IPEX-Bank financing energy-efficient production plant from Bayer in Dormagen
Frankfurt am Main (ots)
- Support of Bayer AG for a strategically important investment in
Germany
- Newest process technology ensures energy savings and reduces use
of solvents
- Project qualifies for KfW Environmental and Energy Efficiency
ProgrammeBayer MaterialScience (BMS) is investing in a new plant for producing toluene diisocyanate (TDI) at its production location in Dormagen using a loan from KfW IPEX-Bank in the amount of the planned investment. TDI is an important raw material for producing special flexible foam which is used, for example, in the furniture and automobile industries for padding and as insulation. "Our financing helps BMS to viably expand an important production area and supports the German export economy. In addition, with the new facility Bayer is making a significant contribution to realising the climate protection goals of the German Federal Government," commented Markus Scheer, member of the Management Board of KfW IPEX-Bank, upon closing the deal. The TDI produced in Dormagen is primarily destined for the German and European market. Compared to a conventional TDI plant of the same size, the process developed by Bayer MaterialScience reduces energy consumption by up to 60 per cent. These energy savings result in a reduction of the equivalent of 50,000 tonnes of CO2 emission per year. In addition, the use of solvents is reduced by up to 80 per cent. The new facility, which will go on line in 2014, will replace the existing TDI production in Dormagen und Brunsbüttel.
The energy-efficient production process sets new industry standards and meets the strict requirements of the KfW Environment and Energy Efficiency Programme that is included in the financing. In the framework of this KfW programme, enterprises receive an interest rate reduction by the Federal Government for projects particularly suitable for promotion. All requirements are fulfilled when the investments in Germany contribute to substantially improving the environmental situation. The use of this measure is decided directly by the Federal Ministry for the Environment and Federal Ministry of Economics for this credit amount.
About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank is in charge of international project and export finance. It is responsible for providing financing to support the German and European economy, a task derived from the legal mandate assigned to KfW Bankengruppe. Its prime focus is on medium- and long-term lending to boost the export economy, develop economic and social infrastructure and support environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of KfW Bankengruppe. It has 531 employees (as of 31 December 2011) and is represented in the key economic and financial centres throughout the globe.
Contact:
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Pressestelle: E-Mail: thomas.krick@kfw.de
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