Bayer sells subsidiary in €1.2B deal

Bayer has struck a deal to sell its material sciences division, H.C. Starck, to a group of investors for €1.2 billion. Bayer had announced earlier that it was shopping the subsidiary to help cover the cost of acquiring Schering. Germany's H.C. Starck, which makes specialty chemicals and metal and chemical powders, will be positioned for a public offering in three to five years.

- see the press release
- read the Pittsburgh Business Journal report