Bayer, Degussa complete PolymerLatex sale

LEVERKUSEN, Germany (May 12)—Bayer A.G. and Degussa A.G. have completed the sale of their PolymerLatex GmbH & Co. K.G. subsidiary to Soros Private Equity Partners for $270 million following the approval of the relevant antitrust authorities. Bayer and Degussa created PolymerLatex in October 1996 by combining 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. It expanded its market position over the past few years following significant investments in its five European production sites, and continuous development of customized products, Bayer said in a prepared statement. New York-based Soros Private Equity, a global private equity firm with funds of more than $4 billion, said earlier it intends to develop PolymerLatex in the coming years, including possible acquisitions to consolidate market share. Bayer said it will use the proceeds of this divestment to further reduce net debt.