Overseas investment in U.S. chemicals up 36

Headed by investment in the pharmaceutical industry, ownership by foreign firms of U.S. companies that produce chemicals and allied products skyrocketed last year. Figures published by the Commerce Department show that the value of foreign ownership in U.S. chemicals at the end of 1989 stood at $46.3 billion, up almost 36% from the end of 1988. By contrast, U.S. chemical firms upped their direct investment position overseas by just 13% to $36.2 billion. Investment positions measure the book value of the parent firms' equity in their affiliates plus outstanding loans to those affiliates. The foreign investment position in U.S. chemicals became greater than U.S. investment abroad only in 1986. But by last year, the value of foreign investments in the U.S. was about 27% greater than U.S. ownership of chemical units overseas. For all manufacturing, the investment position by overseas firms climbed about 32% to $160 billion. Since 1985, foreign investment in U.S. chemicals has ...