Bayer subsidiary Wolff Walsrode to divest Covexx Films business to Wipak of Finland
Dr. Axel C. Heitmann, Managing Director of Wolff Walsrode AG, said he welcomes this transaction. "Wipak and our subsidiary Covexx are an excellent match. The crucial factor in our decision was the concepts developed by the new partner Wipak – an innovative, internationally aligned company – for growing the business and safeguarding the future of the site." Wipak intends that Covexx's site at Bomlitz in northern Germany will strengthen its production network. The Wihuri group had 2000 sales of EUR 448 million from its packaging business and operates manufacturing facilities for high-performance packaging films in Finland, France and North America.
The deal marks another move by Bayer to optimize its portfolio, consistent with its strategy of divesting activities that do not have optimum development potential under the Bayer umbrella. For Wolff Walsrode, the sale of Covexx is an important step toward strengthening its Bomlitz site through partnerships.
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