London
4 °C
Manchester
Glasgow
9 °C
Dublin
8 °C
Belfast
Washington
Denver
Atlanta
Dallas
Houston Texas
18 °C
New Orleans
El Paso
Phoenix
16 °C
Los Angeles
-23 °C
28 °C
18 °C
23 °C
33 °C
Bayer sells pest control unit for $2.6 bn
NYSE - LSE
Bayer sells pest control unit for $2.6 bn
German chemicals and pharmaceuticals giant Bayer said Thursday it has agreed to sell its pest control unit to British private equity firm Cinven for $2.6 billion (2.4 billion euros).
Bayer had announced last year its intention to offload its US-based unit, Environmental Science Professional.
"This divestment represents a very attractive purchase price and allows us to focus on our core agricultural business," said Rodrigo Santos, head of Bayer's Crop Science division.
Environmental Science Professional offers solutions to control pests, diseases and weeds in non-agricultural areas, including professional pest management, forestry and gardens.
The subsidiary has 800 employees and operates in more than 100 countries, with 600 million euros in turnover.
Bayer said it expects the transaction to be completed in the second half of this year, with proceeds to be used to reduce the group's net financial debt.
Bayer's debt has grown in recent years as it has been plagued by legal woes since it bought Monsanto in 2018.
It has faced a flood of cases in US courts by cancer patients who say the glyphosate chemical in the Roundup weedkiller caused them to fall ill. Bayer rejects the accusations.
D.W.Ernst--BlnAP
