Bayer AG said Monday it is selling its Wolff Walsrode business, which specializes in cellulose products, to the Dow Chemical Co. for an undisclosed sum.
Leverkusen-based Bayer said in March that it would divest Wolff Walsrode as part of plans to finance its acquisition of fellow German drug maker Schering AG, a deal that was worth nearly US$22.1 billion.
The sale to Midland, Michigan-based Dow is expected to close in the first half of next year, subject to regulatory approval, Bayer said.
Wolff Walsrode employs about 1,500 people and had sales of US$430 million last year.
It is to become part of Dow's Water Soluble Polymers business.