Bayer says US position not threatened by BASF move

05 January 2006 21:24  [Source: ICIS news]

WASHINGTON (ICIS news)--Bayer does not believe its US market position is threatened by BASF’s bid to broaden its North American business, the top Bayer US official said on Thursday.

 

Bayer Corporation president and chief executive Attila Molnar dismissed suggestions that BASF’s hostile take-over bid for US specialty chemicals firm Engelhard, if successful, might challenge parts of Bayer’s material sciences business in North America.

 

“All of our businesses - healthcare, crop sciences and material sciences - are in the top three or four positions in world markets,” Molnar said.

 

“So we feel that we are well positioned in all our markets,” he said.  “We are happy with where we are.”

 

Earlier Thursday, Molnar said Bayer expects its 2005 results to show a 40% boost in operating profits, which would mean the Leverkusen, Germany-based firm anticipates operating profits of around Euro2.5bn ($3bn) for the year just ended.

 

But Molnar also indicated that Bayer would be willing to consider additional acquisitions in the US market.  “We will be willing to look at any opportunities that might arise” in the US market, he said, noting that Bayer has been making acquisitions in its crop sciences and healthcare divisions.

 

No Bayer capital investments are anticipated for the US market, however, he said.  Molner noted that Bayer chief executive Werner Wenning has previously stated that the majority of Bayer’s capacity investments will be in Asia.

 

Bayer Corporation is headquartered at Pittsburgh, Pennsylvania.


By: Joe Kamalick
+1 713 525 2653



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