BAYRY - Bayer completes sale of Environmental Science unit to focus on core agricultural business

• Bayer ( OTCPK:BAYRY ) ( OTCPK:BAYZF ) said on Oct. 5 that it completed selling its Environmental Science Professional business to Private equity firm Cinven for $2.6B.
• The Cary, N.C.-based divested business — which provides solutions to control pests, diseases and weeds in non-agricultural areas — will now operate as an independent company called Envu. The company is active in over 100 countries and about 900 employees will transfer from Bayer to Envu, the German conglomerate said in an Oct. 5 press release.
• Bayer had said that the deal, which was announced in March, will allow the company to focus on its core agricultural business.
• "At the same time, we can concentrate on our core agricultural business and the successful implementation of our growth strategy in the Crop Science Division," said Rodrigo Santos, member of the Board of Management of Bayer and head of the Crop Science Division.
• Bayer noted that it will use the net proceeds from the transaction to reduce its debt.

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