Sector News

Bayer to sell its Environmental Science Professional business to Cinven for 2.6 billion U.S. dollars

March 13, 2022
Energy & Chemical Value Chain

Bayer and Cinven have entered into a definitive agreement regarding the sale of Bayer’s Environmental Science Professional business for a purchase price of 2.6 billion U.S. dollars (2.4 billion euros), Bayer announced on Thursday. “This divestment represents a very attractive purchase price and allows us to focus on our core agricultural business and the successful implementation of our Crop Science Division growth strategy,” said Rodrigo Santos, Member of the Board of Management of Bayer AG and President of the Crop Science Division.

Environmental Science Professional is a global leader offering environmental solutions to control pests, diseases and weeds in non-agricultural areas such as vector control, professional pest management, vegetation management, forestry, and turf and ornamentals. In 2021, the business had approximately 800 employees supporting operations and sales in more than 100 countries. It is headquartered in Cary, North Carolina, USA. Bayer had announced its decision to divest the business in February 2021.

“Driven by a shared belief in people and purpose, Cinven will enable the Environmental Science Professional business to advance towards its vision of healthy environments for everyone, everywhere. We are convinced by Cinven’s focus and its commitment to the long-term growth potential for the business and its people,” Santos said. The transaction is expected to close in the second half of this year, subject to the satisfaction of customary closing conditions. Its net proceeds are to be used to reduce Bayer’s net financial debt.

“Bayer’s Environmental Science Professional business is a global leader in a highly attractive and critical industry. We thank Bayer for the trust they have placed in Cinven and plan to build on the strong foundations established by Bayer by significantly investing in it,” said Pontus Pettersson, Partner and Head of Industrial at Cinven. “As a long-established global investment firm, Cinven is well positioned to continue to drive innovation and accelerate growth at Environmental Science Professional, including the delivery of digital and data-enabled solutions, as well as make the business more agile in responding to the unique needs of its markets and customers.”

By ChemEurope.com

Source: chemeurope.com

comments closed

Related News

February 25, 2024

Antwerp Declaration for a European Industrial Deal: industry leaders call for 10 urgent actions to restore competitiveness and keep good jobs in Europe

Energy & Chemical Value Chain

During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.

February 25, 2024

Blue hydrogen could contribute 50% more to global warming than fossil fuels

Energy & Chemical Value Chain

The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.

February 25, 2024

EU approves €6.9 Billion state aid for 33 hydrogen projects

Energy & Chemical Value Chain

In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.

How can we help you?

We're easy to reach