Sale Includes Organic Pigments Manufacturing Facilities
At Bayer's Bushy Park, South Carolina Facility
PITTSBURGH, Feb. 19 /PRNewswire-FirstCall/ -- Bayer Corporation
has agreed to sell its organic pigments business located at Bushy Park, S.C.,
to Sun Chemical Corporation, Fort Lee, N.J. Included in the sale are Bayer's
Indofast(R), Perrindo(R), Quindo(R), and Palomar(R) pigments. These organic
pigments are used in coatings for automotive, industrial and architectural
applications and for coloring plastics and fibers.
"Divesting these organic pigments is part of Bayer's strategy of
streamlining our product portfolio and concentrating on our core businesses,"
said Dr. John L. Williams, Executive Vice President, Bayer Corporation and
President, Coatings and Colorants Division.
The business to be acquired employs approximately 180 people. Pending
approval by regulatory groups, transfer of ownership is planned for April 1,
2002.
Bayer will continue to produce colorants including Macrolex(R) dyes,
Pigment Yellow 150 and Bayferrox(R) iron oxide pigments. Bayer's organic
pigments produced in Lerma, Mexico are also not included in the sale.
Bayer Corporation's Coatings and Colorants Division produces quality raw
materials for polyurethane high-performance coatings and adhesives, as well as
an outstanding range of organic and inorganic colorants. The division's
products find broad application in the automotive, construction, maintenance,
industrial and adhesives markets.
Best known for its flagship product, Bayer Aspirin, Bayer Corporation
produces a broad range of health care, life sciences and chemical products
that help diagnose and treat diseases, purify water, preserve local landmarks,
protect crops, advance automobile safety and durability and improve people's
lives.
Headquartered in Pittsburgh, Bayer Corporation had sales of $10.1 billion
in 2000 and is one of Fortune magazine's Most Admired Companies. The company
employs 23,200 people. It is a member of the worldwide Bayer Group
(NYSE: BAY), a $29 billion international health care and chemicals group based
in Leverkusen, Germany. The Bayer Group stock is a component of the DAX and
is listed on the New York Stock Exchange (ticker symbol: BAY).
This news release contains forward-looking statements based on current
assumptions and forecasts made by Bayer Group management. Various known and
unknown risks, uncertainties and other factors could lead to material
differences between the actual future results, financial situation,
development or performance of the company and the estimates given here. These
factors include those discussed in our public reports filed with the Frankfurt
Stock Exchange and with the U.S. Securities and Exchange Commission (including
our Form 20-F). The company assumes no liability whatsoever to update these
forward-looking statements or to conform them to future events or
developments.
SOURCE Bayer Corporation
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http://www.bayerus.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/092575.html
CONTACT:
Sean Kelly of Bayer, +1-412-777-2491, Fax:
+1-412-777-3899 or sean.kelly.b@bayer.com
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