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21.03.2000 – 08:36


ots Ad hoc-Service: BASF AG BASF to acquire crop protection business from AHP

The sender is solely responsible for the contents of this announcement. ---------------------------------------------------------

    Ludwigshafen (ots Ad hoc-Service) -      

         - BASF doubles worldwide crop protection business     - Among industry leaders with attractive products

    BASF Aktiengesellschaft announced today that it has agreed to acquire the crop protection business of American Home Products Corporation (AHP) of Madison, New Jersey, for about USD 3.8 billion. Both companies signed a contract on March 21.

    Through this acquisition, BASF will more than double its annual crop protection sales, which were about USD 1.9 billion in 1999, and will move up to the top ranks of the world's leading crop protection manufacturers.

    The transaction, which still requires approval from relevant governmental antitrust authorities, is scheduled to be completed by July 1, 2000. The BASF Supervisory Board has already approved the transaction.

    Through the combination of these activities, BASF intends to become even more competitive in crop protection due to these decisive success factors:

    - BASF will acquire a leading role in major agricultural markets. BASF is expanding its presence particularly in the important agricultural markets of North and South America as well as strengthening its established position in Europe.

    - BASF will offer a strong and broad product portfolio for all attractive crops as well as an established and proven line of insecticides.

    - BASF will have a combined pipeline under development with 15 active ingredients expected to be launched by 2006 with a combined peak annual sales potential of about USD 2 billion.

    The combined business would have had pro forma 1999 sales of USD 3.6 billion and income from operations before one-time restructuring items of USD 450 million.

    Approximately USD 250 million in annual synergy effects are expected to be generated by the transaction, with approximately half of the benefits to be achieved in the first full year after the acquisition. BASF expects the acquisition to make a positive contribution to earnings from 2001. Additional synergies are expected from various markets.

    Contact:     John Gilardi     Tel. +49-621-60-20829

End ----------------------------------------------------- Internet: http://recherche.newsaktuell.de

Original-Content von: BASF SE, übermittelt durch news aktuell

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