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Bayer and SBM Développement sign agreement for sale of Bayer Garden and Bayer Advanced businesses
May. 24, 2016
Bayer CropScience AG
GermanyFollow
Germany
SBM Formulation
FranceFollow
FranceBayer and SBM Développement (SBM) recently announced the signing of an agreement for the sale of the Consumer business of Bayer’s Environmental Science unit to SBM. The Consumer business encompasses the Bayer Garden and Bayer Advanced businesses in Europe and North America. The financial terms of the transaction were not disclosed.
Bayer Garden and Bayer Advanced provide innovative home and garden solutions for hobby gardeners and homeowners. SBM is a leader in the home and garden market in France and develops, formulates and produces crop and non-crop solutions for professionals and consumers.
“For SBM, the acquisition of the Bayer Garden and Bayer Advanced businesses represents a major milestone in our journey toward global leadership in the consumer home and garden industry,” said Jean-Paul Simmler, chairman of SBM. “We are committed to growing these businesses over the long-term by providing customers in Europe and the U.S. with an innovative range of solutions that leverages the strengths of both SBM and Bayer.”
“In SBM, we’ve found a strategic acquirer that can provide the Bayer Garden and Bayer Advanced businesses and people with a long-term vision and perspective to reach their full potential,” remarked Dr. Jacqueline Applegate, Head of Environmental Science and Member of the Crop Science Executive Committee. “At the same time, divesting the Consumer business will enable Environmental Science to become even more growth-oriented and strengthen our market leadership position with a single-minded focus on the unique needs of our professional customers.”
With strong experience in developing biological plant protection solutions, soils and fertilizers, SBM has a highly complementary product portfolio to Bayer’s businesses. Through the acquisition of the Bayer Garden and Bayer Advanced businesses, SBM will significantly expand its footprint in Europe and enter the strategic North American market.
The transaction is expected to close in October 2016, at which time all employees holding one of the almost 250 positions dedicated to the Bayer Garden and Bayer Advanced businesses in Europe and North America will transfer to SBM, provided all necessary regulatory approvals and customary closing conditions are fulfilled. Until the closing, Bayer Garden and Bayer Advanced will continue to operate as part of Bayer, with no impact on their ongoing business operations or product portfolios as a result of the pending sale.
At the closing, the entire product portfolios of Bayer Garden and Bayer Advanced, as well as all their current R&D projects, will transfer to SBM. Bayer stands behind the safety and efficacy of all Bayer Garden and Bayer Advanced products in the market today. Bayer and SBM will work together to prepare the business and employees for a seamless transition upon the closing.
Bayer Garden and Bayer Advanced are part of Environmental Science, a business unit of the Crop Science division that offers a range of high-quality weed and pest control products for professionals and consumers. The turnover of the Environmental Science unit in 2015 was EUR 819 million, to which the Bayer Garden and Bayer Advanced businesses contributed EUR 239 million.
Source: Bayer CropScience News Release
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