29 April 2011 10:18 [Source: ICIS news]
SINGAPORE (ICIS)--German specialty chemicals maker Bayer said on Friday it plans to invest €15bn ($22bn) through 2013 primarily for research and development (R&D) to promote technological innovation.
Bayer chairman Marijn Dekkers made the announcement at the company’s annual stockholders' meeting in ?xml:namespace>
Two-thirds of the investment will be used for R&D expenses, while the remaining balance will go towards capital expenditures, said Dekkers.
“The company plans to keep its research and development expenditures in 2011 level with the record €3.1bn spent in 2010,” he said.
Notwithstanding a 4.3% year-on-year fall in net profit last year to €1.3bn, Bayer has proposed a higher dividend of €1.50 for the year from €1.40 in 2009, the company said.
The figure is equivalent to a total dividend payment of €1.24bn, it added.
In the first quarter of 2011, Bayer posted an 8.4% year-on-year increase in net profit to €684m, with sales rising 13.2% to €9.4bn.
($1 = €0.67)
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