PITTSBURGH, March 6 /PRNewswire/ -- The Polyurethanes Division of Bayer
Corporation increased the prices of its Mondur(R) toluene diisocyanate (TDI)
products by $0.15 per pound and its Multranol(R), Arcol(R), Ultracel(R) and
Stylex(R) polyol products by $0.10 per pound effective March 1, 2002 for
slabstock and automotive seating applications of flexible polyurethane foam.
"Over the past 15 months, Bayer's NAFTA polyurethanes business has seen
its margins erode to historical lows," said Lawrence D. Stern, President,
Polyurethanes - NAFTA, and Executive Vice President, Bayer Corporation. "This
price increase is one step in our efforts to restore margins to an acceptable
level."
In the past year, Bayer has taken numerous steps to reduce costs in its
polyurethanes business. Bayer targeted high-cost manufacturing operations by
closing the polyol production unit at its Baytown, Texas plant and idling a
diphenylmethane diisocyanate (MDI) production unit at its New Martinsville,
W.Va. plant last year. Bayer also made improvements in its polyurethane
manufacturing reliability and costs. The company built an efficient global
supply chain organization and evaluated the best use of its research and
development resources.
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).
Forward-Looking Statements
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.
CONTACT: Rich McHale
office: 412-777-2500
cell: 412-370-9045
fax: 412-777-3899
e-mail: rich.mchale.b@bayer.com
SOURCE Bayer Corporation
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Related links:
http://www.bayerus.com
Company News On-Call:
http://www.prnewswire.com/comp/092575.html
CONTACT:
Rich McHale of Bayer Corporation,
+1-412-777-2500, or cell: +1-412-370-9045, or fax: 412-777-3899,
or rich.mchale.b@bayer.com
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