Bayer To Make Major Growth Investments

Bayer of Germany will spend $13 billion on research and capital investment by 1997, according to chief executive Manfred Schneider who spoke last week in New York about plans for his company, particularly in relation to the USA.

Dr Schneider said that 20% of the investments will be made in the USA, and that the company will make acquisitions if it considers such moves would result in its position being strengthened in particularly interesting segments.

At the New York press conference, Dr Schneider introduced the Bayer group operations to the US media following its acquisition last year of the North American over-the-counter business of Sterling Winthrop (Marketletters passim). The deal gives Bayer back the rights to its name and trade marks confiscated and sold to Sterling after the First World War. As a consequence, Miles Inc, the group's US subsidiary, is being renamed Bayer Corporation from April 1.