Bayer: Schering AG acquisition a “boost”

The significant rise in sales recorded by Bayer during the third quarter of 2006 has been attributed in part to the recent acquisition of Schering AG.

Bayer’s group sales increased by 26 per cent to 7,783 million euro (5,271 million pounds) during the quarter, to which Schering AG, the firm’s largest ever acquisition, contributed 1,410 million euro.

Commenting on the company’s quarterly results, Werner Wenning, Management board chairman of Bayer, described the acquisition of Schering AG as an “additional boost” to the firm.

“We can already say that 2006 has been a landmark year for Bayer. A year of significant accomplishments from both a strategic and an operational point of view,” he remarked.

Bayer states that it expects to report sales of 30 billion euro, predicting that Schering will have contributed 3 billion euro since June.

Meanwhile, Schering AG has reported strong growth over the past nine months, recording a nine per cent increase organic net sales, bringing the company’s total net sales to 4,180 million euro.