DATE : 2014-09-17
Bayer is to step up research on crop protection chemicals and seed varieties, and will spend EUR 1 bn/y on this. The company expects worldwide demand for crop protection agents and seeds to grow to $100 bn by 2020. The 2013 figure was EUR 68 bn, and analysts expect EUR 71 bn in 2014. Bayer CropScience has sales of EUR 8.8 bn and operating profits of EUR 1.7 bn. The division spent EUR 860 M on research and development in 2013. Spending will be EUR 950 M in 2014. Bayer had announced in 2013 that it wanted to strengthen its agrochemicals division with investment of EUR 2.4 bn by 2016. Over a half of this sum will be spent Europe; EUR 700 M will be invested in the US and EUR 400 M in Latin America and Asia/Pacific.
SOURCE Elsevier