30 décembre, 2006 09:38
Dow Chemical buys unit from Bayer
ASSOCIATED PRESS
December 18, 2006
Bayer AG said today it is selling its Wolff Walsrode business, which specializes in cellulose products, to Midland-based Dow Chemical Co. for an undisclosed sum.
Leverkusen-based Bayer said in March that it would divest Wolff Walsrode as part of plans to finance its acquisition of fellow German drugmaker Schering AG, a deal that was worth nearly $22.1 billion.
The sale to Dow Chemical is expected to close in the first half of next year, subject to regulatory approval, Bayer said.
Wolff Walsrode employs about 1,500 people and had sales of $430 million last year. It is to become part of Dow’s Water Soluble Polymers business.
The acquisition "is another step along our path to maximize long-term shareholder value from investments into advantaged technologies, growing end-use markets and emerging geographies," Dow Chairman and CEO Andrew Liveris said in a statement.
