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Note: The information below is provided as reported in the Annual Report 1998. The reporting currency in year 1998 was DM (German Mark). For a translation of the amounts into € (Euro) please use the following fixed conversion rate:
1 € (Euro) = 1.95583 DM (German Mark).
In 1998 a total of DM 2.8 billion was spent on acquisitions.
The Chiron Diagnostics group of the United States was wholly acquired on November 30, 1998 for DM 1.9 billion. Chiron Diagnostics is a manufacturer of diagnostic systems, mainly for hematology and immunology.
To expand its activities in crop protection, the Bayer Group purchased 50 percent of the seed treatment business of the U.S. company Gustafson on November 20, 1998 for DM 303 million.
The acquisition of the offset printing plates and graphic films business units of the U.S. company DuPont, agreed on in 1997, closed on March 1, 1998. The acquired business and the related assets and liabilities were integrated directly into the local Agfa companies worldwide. The total purchase price paid to DuPont was DM 210 million.
On November 10, 1998 Bayer AG concluded a cooperation agreement with Millennium Pharmaceuticals Inc. of the United States, giving Bayer access to key technologies in modern genome research. The collaboration also involves a 14.37 percent equity investment in Millennium, for which a purchase price of DM 160 million was paid.
In the United Kingdom, Bayer strengthened its crop protection business by acquiring the seed treatment business of Zeneca on May 13, 1998. The price paid for the business and the related assets and liabilities was DM 35 million.
On July 15, 1998 our subsidiary Wolff Walsrode AG purchased the plastic films business of Elf Atochem to further expand its position as a supplier of high-quality polyurethane films. The purchase price was DM 30 million.
On November 4, 1998 the Swiss company Agevogel, which formerly acted as an agent for Bayer AG in Switzerland, was acquired for DM 21 million. The company, which also owned the office building of Bayer (Schweiz) AG, was immediately merged with the latter.
In Israel, Bayer purchased interests in two companies specializing in the manufacture of polycarbonate sheeting for industry and agriculture: 25 percent of Polygal Plastics Industries Ltd. was acquired on September 14, 1998 for DM 21 million, and 20 percent of Palthough Industries (1998) Ltd. was acquired on July 6, 1998 for DM 20 million.
Our U.K. subsidiary Bayer plc purchased all the shares of W. Hawley & Son Ltd. on May 29, 1998 for DM 18 million. Hawley is one of Britain’s largest producers and distributors of inorganic specialty pigments for construction, coatings and plastics applications.
On March 31, 1998 our subsidiary Frucade Essenzen GmbH, part of the Haarmann & Reimer group, wholly acquired the KAJO group of Gröbenzell, Germany, thereby expanding its soft drinks licensing business. KAJO will be merged with Frucade in 1999.
The Agfa-Gevaert group wholly acquired the U.S. company Monotype Typography Inc. on July 1, 1998 for DM 18 million. Monotype is among the world’s best-known suppliers of software for fonts.
The most significant divestiture during 1998 was the sale at mid-year of the citric acid business to the Tate & Lyle group of the U.K. for DM 400 million.
Also divested was the copying systems business unit of Agfa, which was bought by Lanier Worldwide of the U.S. for DM 295 million.
In addition, 1998 saw restructuring in the inorganics field. Bayer’s titanium dioxide business was placed into a joint venture – in which Bayer holds a 20 percent interest – with Kerr-McGee Chemical LLC of the United States. Our silicones activities were combined in a joint venture with those of GE Plastics of the U.S., with Bayer taking a 49.9 percent share in the new company. The zeolites business was sold to the German subsidiary of the U.S. company UOP LLC for DM 25 million.
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