Bayer has agreed to sell its environmental science professional business to private equity group Cinven for $2.6 billion, as it focuses its crop science business on its core farming clientele.
Cinven said in a separate statement it would seek to continue to drive innovation and accelerate growth of the business.
Agrichemicals and seeds giant Bayer is looking to reduce debt in the wake of its $63 billion purchase of US peer Monsanto in 2018, which came with the added burden of billions in litigation costs.
The unit supplies products like pest and rodent control as well as weed killers for green keepers and warehouse managers.
Since the Monsanto acquisition, Bayer has already sold its 6 billion euro animal health business, its stake in 3.5-billion-euro chemicals park Currenta, as well as consumer brands such as Dr. Scholl’s and Coppertone worth about 500 million euros each.
Comments
Comments are closed.