Germany's Bayer Sells Wolff Walsrode Unit to Dow Chemical
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.