Bayer, Degussa sell PolymerLatex to private equity fund

DUSSELDORF, Germany (March 4)—Bayer A.G. and Degussa A.G. are selling their PolymerLatex GmbH & Co. K.G. joint venture to the financial investment company Soros Private Equity Partners L.L.C. for about $225 million. Marl, Germany-based PolymerLatex was launched in 1996 when the two parent companies combined their respective synthetic latex operations into the 50-50 joint venture. It generated $325 million in sales in fiscal 2001, Bayer said. The venture's products are used in the paper, carpet/molded foam and specialty applications fields. The transaction is subject to the approval of the relevant antitrust authorities and the supervisory board of Degussa. New York-based Soros Private Equity, a global private equity firm with funds of more than $4 billion, will develop PolymerLatex's operations and consider possible acquisitions to consolidate its market share, according to a Bayer/Degussa statement.