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Bayer and Degussa sell PolymerLatex to Soros Private Equity Partners

Published on 2003-03-06. Author : SpecialChem

 

Bayer AG of Leverkusen, Germany, and Degussa AG of Dusseldorf, Germany, are selling PolymerLatex GmbH & Co. KG, their Marl, Germany-based 50:50 joint venture, to the financial investment company Soros Private Equity Partners. The sales price amounts to approx. 235 million euros. The transaction is subject to the approval of the relevant antitrust authorities.

The sale of PolymerLatex completes the divestment program which Bayer launched at the end of 2001 as part of its Group-wide reorganization and strategic realignment project.

In fiscal 2001, PolymerLatex generated sales of 344 million euros with about 730 employees. The joint venture, which was founded in 1996 by Degussa and Bayer, produces latex products in the paper, carpet/moulded foam and speciality applications fields, and holds a leading position among latex suppliers. PolymerLatex has been able to expand its leading market position even further over the past few years thanks to significant investments in its five European production sites, and continuous development of customized products.

Soros Private Equity Partners ("Soros") is a global private equity investor which, together with its affiliates, currently manages in excess of US-Dollar 4 billion of equity capital. Soros has announced that it intends to develop PolymerLatex's operations in the coming years and will consider possible add-on-acquisitions to consolidate its market share.

Bayer is an international, research-based group with major businesses in health care, crop science, polymers and specialty chemicals. For 2001, the group recorded sales of 30.3 billion euros. Capital expenditures totaled 2.6 billion euros in 2001 and 2.6 billion euros were invested in research and development. The total number of employees worldwide at the end of September 2002 amounted to about 123.500.

Source: Bayer AG


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