KANSAS CITY, MO. and MONTVALE, N.J. - Bayer Corp. has signed an agreement to purchase Aventis CropScience, including the Aventis Environmental Science business, from Aventis and Shering AG, the companies announced on Oct. 2, 2001.
Bayer's Crop Protection business and Aventis CropScience, Montvale, N.J., will group their business activities within a separate legal entity under the name Bayer CropScience, which will become the second largest global crop protection company. This new company will remain part of the Bayer Group and will be headed by Dr. Jochen Wulff, who currently heads Bayer's world-wide Crop Protection organization.
In a press release, Emil E. Lansu, executive vice president, Bayer Corp., Kansas City, Mo., explained that "the formation of Bayer CropScience will create one of the leading world-wide crop science companies with an extensive portfolio of turf & ornamental and professional pest management products, as well as a broad range of crop protection products, a key position in the field of biotechnology and a developing presence in the seed business."
Until the merger is approved by the government, both companies will continue to be managed and run as separate entities and will remain competitors in the market, a press release from Bayer Corp. stated. As such, the present business relationships Bayer and Aventis have with their customers will remain unchanged.
In November 2000, Aventis announced its intention to divest Aventis CropScience by the end of 2001 to focus on its pharmaceutical business. The company has been in negotiations with Bayer since mid-July 2001.
The acquisition is expected to be finalized in the first quarter of 2002.