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news.German drugs and chemicals firm Bayer is selling its 49.9% interest in the joint venture GE Bayer Silicones to its partner General Electric for E475 million.
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GE Bayer Silicones is a part of GE Advanced Materials, which GE earlier announced it is selling to New York-based Apollo Management for $3.8 billion. Bayer said that the transaction will improve the company’s non-operating result by around E250 million. Closing is expected at the end of the year.
GE and Bayer formed the joint venture in 1998 to consolidate their silicone businesses and thereby strengthen their competitive position. The company employs 650 people in Germany, most of them at the Leverkusen headquarters.