Bayer to invest R140m in Brazil operations during 2009

04 April 2009 00:04  [Source: ICIS news]

SAO PAULO (ICIS news)--Bayer plans to invest some Brazilian reais (R)140m ($64m, €47m) on Brazilian operations in 2009, or 31% more than last year, the company said on Friday.

The money will be spent mainly on expanding the company’s three plants in Brazil, updating technology and developing products, the company said. 

“Bayer has been committed with Brazil for more than 113 years and that is the reason why investments planned will be maintained, even with all the uncertainties caused by the current global crisis,” Horstfried Laepple, president of Bayer Brazil, said in Portuguese.

Laepple added that Brazilian operations play an important role in the group and that the expansion means Bayer will continue hiring in the country.

Bayer’s growth rate in Brazil surpasses that of many other countries where the company operates.

According to Bayer, while growth rates in Europe, North America and Asia have reached 2.5-6%, Latin America, Africa and the Middle East have been growing at a 12% pace.

Bayer’s revenue in Brazil reached R3.7bn in 2008, up 23% when compared with 2007's figure of R3bn, the company said on Thursday.

The company’s local agriculture division posted a 37% growth in the period, with sales in the order of R1.8bn. 

Brazil represents Bayer’s largest market in Latin America, with 36% of the sales in the region. 

($1 = R 2.2 = €0.74)

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By: Hellen Berger
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