Bayer divests Haarmann & Reimer

02-Oct-2002

Leverkusen October 1, 2002 - Bayer AG, Leverkusen, has sold its non-core Haarmann & Reimer subsidiary to the EQT Northern Europe Private Equity Funds. Closing of the deal today, October 1, 2002, means EQT acquires the business of the Holzminden, Germany-based fragrances and flavors manufacturer with immediate effect. Bayer will use the proceeds to reduce net debt.

The sale marks the completion of another stage in the streamlining of the Bayer Group's business portfolio. In recent months Bayer already divested company housing units, the interest in Agfa and the generics business in France and Spain. The further planned divestments of Rhein Chemie, PolymerLatex and the household insecticides business are expected to be accomplished in the near future.

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