LEVERKUSEN, Germany (Oct. 4)—Bayer A.G. intends to sell its Rhein Chemie Rheinau GmbH subsidiary to a group of financial investors advised by Advent International Corp. for $212 million, including the assumption of debt. The transaction would include the wholly owned subsidiary iSL-Chemie GmbH & Co. K.G. of Kurten, Germany, as well as Rhein Chemie affiliates in the U.S. and Japan and a Chinese joint venture in which Rhein Chemie owns a 90-percent interest. The sale should be completed by early November, subject to the approval of the relevant antitrust authorities. "Under this new ownership, Rhein Chemie would have excellent prospects of further expanding its strong market position," said Werner Wenning, Bayer Management Board chairman. In December 2001, Bayer announced its intention to divest Rhein Chemie and other subsidiaries so as to focus more closely on its core businesses. Rhein Chemie, a subsidiary of Bayer since 1971, has 1,100 employees and reported 2001 sales of $275 million, down about 15 percent from 2000.
Bayer to sell Rhein Chemie for $212 million
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].