Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.The Bayer Group has sold its subsidiary HC Starck to a consortium formed by financial investors Advent International and The Carlyle Group for approximately E1.2 billion.
Subscribe to our email newsletter
Bayer commented that the proceeds will help to finance the acquisition of Schering.
The transaction value comprises a cash component of more than E700 million and the assumption of financial liabilities and personnel-related commitments totaling some E450 million. Closing is planned to take place at the beginning of 2007, subject to the approval of the antitrust authorities.
HC Starck, headquartered in Goslar in northern Germany, manufactures metal and ceramic powders, specialty chemicals, and parts made from advanced ceramics and refractory metals.
Bayer announced in March 2006 that it would divest its subsidiaries HC Starck and Wolff Walsrode and use the proceeds to partly finance the Schering acquisition. The two companies have so far been part of the Bayer MaterialScience subgroup, which will focus in future on its core businesses.