Bayer Crop sells environmental science business for Rs 111.1 crore

Bayer Cropscience said its board had approved the sale of its environmental science business to 2022 ES Discovery India on the basis of a down sale, for consideration of Rs 111.1 crore.

The company’s Environmental Science Business offers solutions for controlling pests, diseases and weeds in non-agricultural areas, such as vector control and professional pest control.

Bayer had recorded sales of Rs 68.3 crore for Environmental Science Business, or 1.4% of the company’s operating revenue for the financial year ended March 31, 2022.

The Business Transfer Agreement (BTA) for the sale of ES Business by the Company to 2022 ES Discovery India is expected to be signed on the closing date, i.e. October 4, 2022.

Presenting the rationale for the said divestment, Bayer said: With the divestiture of the global environmental science business, the crop science division will be able to focus on its core agricultural business, accelerate the implementation of its strategy growth while allowing the environmental science business to get the growth resources it needs under new leadership.

Bayer CropScience is engaged in the manufacture of crop protection products such as herbicides, insecticides, fungicides and seed treatment, non-agricultural pest control, seeds and plant biotechnology.

The company’s net profit increased by 19.3% to Rs 302.60 crore on a 17.8% increase in net sales to Rs 1667.40 crore in the first quarter of June 2022 from the first quarter from June 2021.

The certificate rose by 0.26% to currently trade at Rs 4824.05 on the BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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