From: ASAP
Bayer Corporation announced the sale of Bayer Polymers LLC's high-performance organic pigment business to Sun Chemical Corporation.
The sale, which includes the high-performance organic pigment manufacturing and wastewater treatment facilities at Bayer's Bushy Park site in South Carolina, was completed on Jan. 31. Terms were not disclosed.
The high-performance organic pigment products acquired by Sun Chemical in the acquisition are used in automotive coatings, industrial and architectural coatings, as well as plastics, fabric and fiber coloring. The products include Indofast(R) carbazole violet, Perrindo(R) perylene, Quindo(R) quinacridone and Palomar(R) pthalocyanine pigments. Approximately 140 Bayer employees will be transferred to Sun Chemical's Performance Pigments Group.
Bayer will continue to produce and market other colorants including Macrolex(R) dyes, Pigment Yellow 150 and Bayferrox(R) iron oxide pigments. Bayer's organic pigments produced in Lerma, Mexico, and Leverkusen, Germany, are also not included in the sale.
At the Bushy Park facility, located 25 miles northeast of Charleston, S.C., Bayer produces dyestuffs and specialty colorants for the textile and paper industries; organic intermediates; and Dorlastan(R) spandex fibers used in the sportswear and textile industries.
Sun Chemical will become the third non-Bayer tenant at the Bushy Park site. Other companies with operations there include Haarmann & Reimer, a New Jersey general partnership which produces synthetic menthols for flavorings and personal care products, aroma esters used in perfumes and sunscreen agents for cosmetics, and Agfa Corporation, which produces photographic film products.
Headquartered in Pittsburgh, Bayer Corporation had sales of $10.1 billion in 2001 and is one of Fortune magazine's Most Admired Companies. The company employs 21,500 people. It is a member of the worldwide Bayer Group, a $27 billion international health care and chemicals group based in Leverkusen, Germany. Bayer's four operating companies -- CropScience, Chemicals, HealthCare and Polymers -- produce a broad range of products that help diagnose and treat diseases, purify water, preserve local landmarks, protect crops, advance automobile safety and durability and improve people's lives.
The Bayer Group has nearly 128,000 employees. Its stock is a component of the DAX and is listed on the New York Stock Exchange (NYSE:BAY) . For 2001, the group recorded sales of EUR 30.3 billion and a group net profit of EUR 965 million. Capital expenditures totaled EUR 2.6 billion, and EUR 2.6 billion was invested in research and development.
This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including our Form 20-F). The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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