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Bayer MaterialScience Sells Part of Its Unsaturated Polyester Resins Business to Veneziani

Published on 2008-01-02. Author : SpecialChem

Leverkusen -- Bayer MaterialScience has sold a part of its unsaturated polyester resins business to the Italian company Veneziani S.p.A.. The products involved in the transaction are used primarily for the formulation of wood finishes. Bayer MaterialScience is thus divesting some selected product grades that no longer fit in with its overall long-term portfolio. The sale will be completed by the end of this year.

Financial details of the transaction were not disclosed. Bayer MaterialScience's full range of unsaturated polyesters is grouped together under the name Roskydal®. Neither this brand, nor any production plants, nor workforce will be affected by the transaction, because the majority of the business will be continued by Viverso, a fully owned subsidiary of Bayer MaterialScience. Veneziani S.p.A. carries on marketing the products in the accustomed high quality and thus ensures continuity in the supply of its customers.

The Veneziani Group has facilities for the production of engineering polymers - including unsaturated polyesters - at its site in Garbagnate, Italy. It is one of the leading suppliers of raw materials, particularly for applications in the field of corrosion protection. The company, which also has a production site in Castelnuovo B. D'Adda, employs 145 people and reached sales in 2007 of 56 million euros.

About Bayer MaterialScience:

With 2006 sales of 10.2 billion euros (continuing operations), Bayer MaterialScience is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and the sports and leisure industries. At the end of 2006, Bayer MaterialScience had 30 production sites and employed approximately 14,900 people around the globe. Bayer MaterialScience is a Bayer Group company.

About Veneziani S.p.A.:

Veneziani is involved in high performance polymers for products used in different application fields: coatings, putties and composites. Quality, flexibility and R&D are main factors to achieve the customer satisfaction target.

Forward-Looking Statements

This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our annual and interim reports to the Frankfurt Stock Exchange and in our reports filed with the U.S. Securities and Exchange Commission (including our Form 20-F). The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Source: Bayer MaterialScience


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