15 September 2011 16:34 [Source: ICIS news]
LONDON (ICIS)--Germany-based specialty chemicals maker Bayer CropScience announced on Thursday that it will drive business growth by focusing on four key objectives.
Bayer CropScience CEO Sandra Peterson said the company’s strategy is now to concentrate on rejuvenating its core crop protection business, reinvent customer-centricity along the entire value chain, refocus its innovation through increased research and development (R&D) investment and extend the company’s BioScience business.
“Our entire organisation is relentlessly focused on meeting the rapidly changing needs of a planet hungry for agricultural resources,” said Peterson.
“We will continue to meet these needs only through our increased focus, improved efficiencies and accelerated innovation. Already, our efforts on these fronts are driving positive business results and momentum,” Peterson added.
Peterson said she was pleased with the business development of Bayer CropScience in the first six months of 2011. In the first half of the year, it delivered sales of around €4.2bn ($5.8bn), an 11% gain compared with the same period last year, despite adverse weather conditions in important growing regions.
Bayer CropScience said it is restructuring its crop protection business by phasing out older products, increasing its focus on key brand families, extending its geographic presence further into emerging markets and developing its supply chain operations to a position of industry leadership.
In addition, as part of the group’s strategy to refocus on innovation, the company intends to double the annual investment for R&D at its BioScience unit by 2015, from €200m in 2010. Total R&D budgets at Bayer CropScience are set to rise by around 20% from 2010 levels to more than €850m by 2015, Peterson added.
“With our in-depth knowledge of biology, genetics, biochemistry and life science chemistry, Bayer CropScience is well placed to innovate at the interface where chemistry converges with biology,” she said.
($1 = €0.73)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|