Eni has rebranded its Italy-based chemicals division as Versalis and announced a four-year, €1.6bn investment plan at the Plast2012 show in Milan. In the four-year period from 2012 to 2015, the company will invest €1.6bn in re-launching failing Italian production sites, growing the elastomers business and expanding into new business areas. Part of the investment - €500m - will be used to construct a new industrial complex at the site in Porto Torres, Italy, which produces bio-monomers and bio-polymers in partnership with Novamont. Versalis plans to build seven production plants in three phases over the next five years, and a new research centre opened at the site in February 2012. Other investment plans include €350m for the chemical plant at Priolo, Italy, where Versalis will build new plants to increase profitability, and €500m for developing the elastomers business.