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Bayer announces plans to exit animal health industry
Company will focus on core businesses of pharmaceuticals, consumer health and crop science.
Bayer Animal Health's parent company-Bayer AG, based in Leverkusen, Germany-announced this week that it's making changes to its global business portfolio, including exiting the animal health industry.
The company says it is assessing available options for exiting its animal health business and looking for new ways to use those resources. “Although this unit offers growth options in an attractive market, Bayer intends to allocate the investment resources necessary to support Animal Health to Bayer's core businesses of Pharmaceuticals, Consumer Health and Crop Science,” the release states.
Bayer Animal Health is headquartered in Shawnee, Kansas, and employs about 550 people, according to the Kansas City Business Journal. The Journal also reports that Bayer intends to sell the Animal Health business.
“We have made very good progress with Bayer's strategic development in recent years. As we now proceed with these measures, we are laying the foundation to sustainably enhance Bayer's performance and profitability,” says Werner Baumann, chairman of the board of management for Bayer AG, in the release. “With these measures, we are positioning Bayer optimally for the future as a life science company.”
Bayer is also exiting consumer health categories that include the sun care (Coppertone) and foot care (Dr. Scholl's) product lines and divesting its 60 percent interest in German site services provider Currenta.
According to Bloomberg, Bayer is under mounting pressure from investors since its $63 billion takeover of crop-sciences company Monsanto initiated a round of lawsuits.