Bayer to sell Wolff Walsrode do Dow

Bayer, a pharmaceutical and chemical group, is to sell its Wolff Walsrode business group, whose core business is cellulose products, to Dow Chemical Company. Walsrode has two operational plants, including one in Poland.

The transaction is expected to close in the first half of 2007, subject to regulatory approval. The financial terms have not been disclosed.

The move follows an announcement made by Bayer in March 2006 that it would divest its subsidiaries H. C. Starck and Wolff Walsrode AG in order to help finance the acquisition of Schering, according to Bayer management board chairman Werner Wenning.
Wolff Walsrode, with 2005 revenues exceeding $400m, would become an integral part of Dow's Water Soluble Polymers business. It will also provide additional investments in advantaged technologies, growing end-use markets and emerging geographies, according to Andrew Liveris, Dow’s chairman and CEO.

Source: PMR. For more info Pharmapoland.com