LEVERKUSEN, Germany (April 8, 2009)—Bayer Material Science has acquired the PU systems house of Neochimiki S.A., a major raw material trader, based in Athens, Greece.
Formerly known as Monochem S.A., the systems house is transferred to Bayer Hellas and integrated into the Greek BaySystems house, Bayer said.
Peter Vanacker, head of Bayer's PU business unit, said this recent extension reflects the growing importance of the emerging markets in southeast Europe and further strengthens the firm's commitment to customers in this region. Vanacker said that despite the downturn in the economy, the company is determined to stand by its systems-house strategy.
This acquisition adds to Bayer's previous acquisition two years ago of PU systems business Dr D.A. Delis A.G., also in Athens.
Financial details of the deal were not disclosed.