Bayer CropScience to divest a limited number of crop protection products to United Phosphorus Limited
Company focusing on innovative higher-margin products
Wednesday - August 30, 2006 - Monheim (Germany) – Bayer CropScience AG, Monheim, Germany, and United Phosphorous Limited (UPL), Mumbai, India, announced today that UPL purchased certain crop protection products from Bayer CropScience. The respective sale and purchase agreements were signed on August 29, 2006. The combined purchase prices total 43.5 million EUR including inventories.
The divestment includes the systemic carbamate herbicidal active ingredient Asulam (brand names Asulox®, Asilan®) and two insecticidal products. Bayer CropScience has retained certain rights related to non-agricultural uses in strategic markets.
For Bayer CropScience the decision to divest these products is in line with the company´s strategy to focus on higher-margin products and therefore streamlining the portfolio. The acquisition of Bayer CropScience’s divested products is concurrent with UPL’s strategy of enhancing its product portfolio across geography with an intention to offer a broad portfolio of solutions to its customers.
United Phosphorus Limited is the largest Indian agrochemical player and among the top five generic players globally in this industry. It is engaged in research, manufacturing and distribution of agrochemicals and specialty chemicals across the globe. The group´s revenue for the year ending March 2006 was in excess 480 million USD.
Bayer CropScience, a subsidiary of Bayer AG with annual sales of about EUR 6 billion, is one of the world’s leading innovative crop science companies in the areas of crop protection, non-agricultural pest control, seeds and plant biotechnology. The company offers an outstanding range of products and extensive service backup for modern, sustainable agriculture and for non-agricultural applications. Bayer CropScience has a global workforce of about 19,000 and is represented in more than 120 countries. This and further news is available at: www.newsroom.bayercropscience.com
This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer CropScience AG management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future consolidated results, financial situation, development or performance of the Bayer CropScience AG or our parent company, Bayer AG, and the estimates given here. These factors include those discussed in Bayer AG’s public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including Bayer AG’s Form 20-F). Neither Bayer AG nor Bayer CropScience AG assumes any liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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- Utz Klages
- Bayer CropScience AG
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