MUNICH—To bridge the gap between research and development and practical application, Wacker Chemie A.G. will invest "double-digit" millions of dollars in a new biotechnology center.
The center, set to house about 90 research engineers and material scientists at Consortium fuer elektrochemische Industrie (Wacker's corporate research facility), is scheduled to open in 2024.
"The Wacker Biotechnology Center will allow us to concentrate and intensify our research activities in the area of biotechnology," Wacker CEO Christian Hartel said in a statement. "The additional capacity we will create here will accelerate the growth of our life-sciences division."
Wacker will look to grow the center—set to focus on bio-pharmaceuticals, advanced medicines and food and food supplements—through "innovation, partnerships and acquisitions," the company said in a June 27 news release.
By 2030, Wacker predicts its Biosolutions Division will contribute around $1.05 billion to overall company sales.
Wacker's corporate development facility in Munich has been conducting research for more than a century, and specifically in biotechnology since the 1980s.
The planned laboratory and pilot plant for research will be about 21,500 square feet spread over three floors, Wacker said.
With the new center, Wacker said it will address market demand and cost-benefit ratio for new products.
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