Sector News

Bayer to sell more crop science businesses to BASF

April 27, 2018
Chemical Value Chain

Bayer AG said Thursday that it has signed an agreement to sell further Crop Science businesses to BASF SE for up to 1.7 billion euros ($2.07 billion) as part of its planned acquisition of Monsanto Co.

These businesses generated sales of EUR745 million euros in 2017, Bayer said, and about 2,500 employees will transfer to chemicals company BASF as part of the deal. Bayer will use the proceeds–after taxes and adjustments–to help finance its proposed acquisition of Monsanto.

The businesses to be divested include the global vegetable-seeds business, certain seed-treatment products, the research platform for wheat hybrids and certain glyphosate-based herbicides in Europe that are predominantly used in industrial applications, Bayer said.

In addition, three research projects in the area of herbicides and Bayer’s digital-farming business will be transferred to BASF. Bayer will receive a back license for certain digital-farming applications in return, it said.

Last year, Bayer and BASF had already reached an agreement for the sale of certain Crop Science businesses for EUR5.9 billion. The businesses in that package–including Bayer’s glufosinate-ammonium business and related LibertyLink technology for herbicide tolerance, along with essentially all the company’s field-crop seeds businesses–generated 2017 sales of EUR1.5 billion.

The deal is subject to regulatory approval and the successful closing of Bayer’s acquisition of Monsanto.

By Sarah Sloat

Source: MarketWatch

 

comments closed

Related News

July 3, 2022

Neste acquires European rights to Alterra’s chemical recycling tech for difficult plastics

Chemical Value Chain

Neste has bought the European rights for Alterra Energy’s liquefaction technology, strengthening its chemical recycling capabilities. Alterra is a US-based company that has developed a thermochemical solution for liquefying difficult-to-recycle plastics.

July 3, 2022

Maria Soler Nunez appointed as Head, Group Operations at Lonza

Chemical Value Chain

Lonza appoints Maria Soler Nunez as Head, Group Operations. Maria joins Lonza from Novartis where she has led the quality organization since 2020. Maria will commence her tenure with Lonza Group on 1 August 2022, succeeding Stefan Stoffel, who is retiring from Lonza.

July 3, 2022

AkzoNobel announces Gregoire Poux-Guillaume as new Chief Executive Officer as of November 1, 2022

Chemical Value Chain

AkzoNobel has announced that Gregoire Poux-Guillaume will become the company’s new Chief Executive Officer (CEO) as of November 1, 2022. He will succeed Thierry Vanlancker, who has been CEO and member of the Board of Management since 2017, and whose term of office is coming to an end.