PITTSBURGH - Bayer Corporation's sales climbed 13.6 percent in 2000, topping the $10 billion mark for the first time, a result of recent acquisitions and the added capacity and efficiencies Bayer is realizing through its 10-year capital investment initiative, President and CEO Helge Wehmeier announced at the company's annual press briefing today, March 20, 2001. Profit before taxes was up 29 percent while net income rose 32 percent, due in part to proceeds from the one-time sale of investments.
"Our cost savings efforts and our capital investment program paid strong dividends in 2000, helping us increase sales and remain profitable despite rising energy and raw materials costs," said Wehmeier. "Bayer is also harnessing e-commerce to lower its procurement costs, streamline order processing and customer service and better manage its customer relationships."
Bayer’s sales were $10.1 billion in 2000, up from $8.9 billion in 1999. Operating income was $470 million. Profit before taxes was $301 million, and net income was $202 million. The company invested $536 million in capital expenditures and more than $800 million in research and development.
With headquarters in Pittsburgh, Pa., Bayer is a member of the worldwide Bayer Group, a $29 billion international life sciences, polymers and specialty chemicals group based in Leverkusen, Germany.
AGRICULTURE GROWS. Bayer's agriculture business experienced sales growth in 2000, despite the mid-year divestiture of its animal biologicals business, as the chemicals side of the business, the consumer lawn and garden business and the animal health segment posted strong sales and profits. And one active ingredient, imidacloprid, contributed to the success of all three segments.
Imidicloprid is the active ingredient in Bayer's termiticide Premise, Bayer Advanced season-long grub control, insecticides used to protect food and fiber crops and Advantage flea treatment. Bayer's agricultural chemicals are used not only by farmers, but in commercial lawn and garden treatment and are available to consumers in the line of Bayer Advanced lawn and garden and home care products available at home centers, hardware stores and major retail outlets.
"Our agricultural business has several legs to stand on," said Wehmeier. "It has the best return on sales in the market and, with the recent sale of our animal biologicals business, is well focused for future growth."
For more information about Bayer’s professional lawn care products visit www.bayerprocentral.com.