Bayer and Degussa are to sell PolymerLatex, their 50:50 joint venture to Soros Private Equity Partners for 235 million Euros.
PolymerLatex was founded in 1996 by Bayer and Degussa. It manufactures products in the paper, carpet/moulded foam and speciality applications fields. Due to significant investments in its five sites and continuous development of customised products, it has managed to maintain a leading position in the industry.
The divestment of the Marl-based (Germany) joint venture completes Bayer’s reorganisation strategy and divestment programme which it began back in 2001. The programme saw them sell of many business units, some of which were required due to anti trust regulations.
Bayer also announced today that it would cease operations at its isocyanates N.V. (BSI) joint venture with Shell by June 30 of this year as the oprtation was deemed uneconomical. The operation which began production in 1969 produces toluene diisocyanate (TDI) and diphenylmethane diisocyanate (MDI), polyurethane raw materials.
BSI has a TDI unit with 30,000 tonnes per year capacity and a MDI unit with 36,000 tonnes per year capacity both located in Antwerp, Belgium. Under the joint venture arrangement all MDI was marketed by Bayer, while TDI was marketed by Shell. Both will continue to supply these materials from other sources.
270 employees will be affected by the closure.
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