Pittsburgh, PA, December 04, 2010 --(PR.com
)-- Bayer MaterialScience LLC has acquired the remaining 50 percent of BayOne Urethane Systems LLC (BayOne), a marketing joint venture for polyurethane specialties in the U.S. and Canada, from PolyOne Corporation. Financial details of the transaction were not disclosed.
“Acquiring the remaining 50 percent of BayOne will enable Bayer MaterialScience LLC to continue its focus on sustainable growth in the polyurethane specialties business in the NAFTA region,” explained Peter Vanacker, head of the Polyurethanes Business Unit and member of the Executive Committee of Bayer MaterialScience AG.
“BayOne now joins the global Bayer MaterialScience family of polyurethane systems houses,” said Jerry MacCleary, senior vice president, head of Polyurethanes North America Marketing and Business Development, Bayer MaterialScience LLC. “Our systems house strategy is designed to bring polyurethane innovations and applications into local markets very quickly to meet growing customer requirements.”
“This transaction gives BayOne full access to Bayer MaterialScience markets and technologies that can accelerate growth,” said Fernando D’Andrea, general manager of BayOne Urethane Systems LLC.
BayOne, headquartered in St. Louis, Mo., was a 50:50 joint venture between Bayer MaterialScience LLC and PolyOne since its formation in 2003. BayOne, which has 33 employees, focuses on urethane systems development and service in application areas such as footwear, rigid foams and flexible molded foams.
Bayer MaterialScience LLC is one of the leading producers of polymers and high-performance plastics in North America and is part of the global Bayer MaterialScience business with approximately 14,300 employees at 30 production sites around the world and 2009 sales of 7.5 billion euros. The company manufactures high-tech polymer materials and develops innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction, medical, and sports and leisure industries. Sustainability is central to Bayer MaterialScience LLC’s business and is based around the key areas of innovation, product stewardship, excellence in corporate management, social responsibility and respect for the environment.
This news release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup 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 Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.