Bayer plans to sell its subsidiary Rhein Chemie Rheinau GmbH, Mannheim, Germany, to a group of financial investors advised by Advent International Corporation, Boston, for 215 million Euros, including the assumption of debt.
The transaction would include the wholly owned subsidiary iSL-Chemie GmbH & Co. KG of KÃ¼rten, Germany, as well as Rhein Chemie affiliates in the United States and Japan and a Chinese joint venture in which Rhein Chemie owns a 90 percent interest.
Bayer plans to complete the sale at the beginning of November, subject to the approval of the relevant antitrust authorities.
In December 2001, Bayer announced its intention to divest Rhein Chemie and other subsidiaries in order to focus more closely on its core businesses.
Founded in 1889, Rhein Chemie has been a subsidiary of Bayer AG since 1971. The company is a supplier of specialties to the rubber, lubricant and plastic industries.