Bayer to sell share in petrochemical JV

LEVERKUSEN, Germany (May 30)—Bayer A.G. plans to sell its 50-percent share of a supplier of petrochemical feedstocks, including rubber monomers, to Deutsche BP A.G., its partner in the venture. Bayer said it will sell its half of EC Erdoelchemie GmbH to Deutsche BP because the business is not a core activity. The sale is due for completion in early 2001. BP/Amoco aims to turn the Cologne, Germany-based site into its main petrochemicals production location in continental Europe, Bayer said. Bayer is a customer of Erdoelchemie, which reports annual sales of more than $1.2 billion.