Bayer sells pest control business for $2.6 billion
BERLIN
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German chemical and health care company Bayer said yesterday that it is selling a U.S.-based pest control business to British private equity firm Cinven for $2.6 billion.
North Carolina- based Environmental Science Professional specializes in “environmental solutions” for pest, disease and weed control in non-agricultural areas.
The subsidiary has 800 employees and operates in more than 100 countries, with 600 million euros in turnover.
“This divestment represents a very attractive purchase price and allows us to focus on our core agricultural business,” said Rodrigo Santos, head of Bayer’s Crop Science division.
The sale is expected to close in this year’s second half, and the proceeds will be used to reduce Bayer’s net financial debt.
Bayer’s debt has grown in recent years as it has been plagued by legal woes since it bought Monsanto in 2018.
It has faced a flood of cases in U.S. courts by cancer patients who say the glyphosate chemical in the Roundup weedkiller caused them to fall ill. Bayer rejects the accusations.
