Bayer completes trade of its Environmental Science Professional business to Cinven

Business to continue operations as an independent company called Envu
Bayer has completed the trade of its Environmental Science Professional business to the transnational private equity establishment Cinven, after the two companies had entered into a matching agreement in March. The conditions for closing the sale – including the damage of nonsupervisory blessing – have now been met. The purchase price for the business, which generated deals of roughly 600 million euros in 2021, amounts to2.6 billionU.S. bones
(2.6 billion euros).

“ We thank the workers of Environmental Science Professional for their numerous times of commitment and the associated success of Bayer. In Cinven, we’ve set up a strong new proprietor with a firm commitment to the long- term growth eventuality of the business and to its people, ” said Rodrigo Santos, member of the Board of Management of Bayer AG and head of the Crop Science Division. “ At the same time, we can concentrate on our core agrarian business and the successful perpetration of our growth strategy in the Crop Science Division. ” Bayer will use the net proceeds from the sale to reduce its net fiscal debt.

The divested business is set to operate as an independent company called Envu. The business is a global leader offering results to control pests, complaint and weeds innon-agricultural areas similar as vector control, professional pest operation, foliage operation, forestry, and turf and ornamentals. It’s headquartered in Cary, North Carolina, United States, and is active in over 100 countries. Nearly 900 workers in aggregate will transfer from Bayer to Envu.

“ Envu is a global leader in a largely seductive and critical assiduity. We thank Bayer for the trust they’ve placed in Cinven and plan to make on the strong foundations established by Bayer by significantly investing in it, ” said Pontus Pettersson, Partner at Cinven. “ Cinven is agitated to make an independent, focused company and is well deposited to continue to drive invention and accelerate growth, including the delivery of digital and data- enabled results, and to extend the product portfolio further by creating innovative and sustainable results for its guests. ”

About Envu

Envu was innovated in 2022, a new company erected on times of Bayer experience, for the sole purpose of advancing healthy surroundings for everyone, far and wide. Envu offers devoted services in Professional Pest Management, Forestry, Ornamentals, Golf, Industrial Vegetation Management, Field & Landscape, Mosquito Management, and Range & pasturage. Across each of its lines of business, Envu focuses its work in chemistry and beyond, uniting with guests to come up with innovative results that will work moment and well into the future. Envu’s portfolio consists of over 180 trusted and well- known brands. The company employs nearly 900 people and operates in further than 100 countries with four global invention capitals. For fresh information, visit the Envu website.

About Bayer

Bayer is a global enterprise with core capabilities in the life wisdom fields of health care and nutrition. Its products and services are designed to help people and earth thrive by supporting sweats to master the major challenges presented by a growing and growing global population. Bayer is committed to drive sustainable development and induce a positive impact with its businesses At the same time, the Group aims to increase its earning power and produce value through invention and growth. The Bayer brand stands for trust, trustability and quality throughout the world. In financial 2021, the Group employed around,000 people and had deals of44.1 billion euros. R&D charges before special particulars amounted to5.3 billion euros. For further information, go towww.bayer.com.

About Cinven

Cinven is a leading transnational private equity establishment concentrated on erecting world- class global companies. Its finances invest in six crucial sectors Business Services, Consumer, Financial Services, Healthcare, Industrials and TMT( Technology, Media and Telecommunications). Cinven has services in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg. Cinven takes a responsible approach towards its portfolio companies, their workers, suppliers, original communities, the terrain and society.

Source link:https://www.bayer.com/