Life science giant Bayer is selling a piece of its crop science division, which is a major employer in Research Triangle Park.
The German company announced Thursday that it has agreed to sell its Bayer Advanced and Bayer Garden consumer products businesses in North America and Europe, which includes weed and pest control products, to a French company, SBM Developpement. Financial terms weren’t disclosed.
No job losses are expected as a result of the deal, which is scheduled to close in October, said company spokesman Casey Allen. All of the nearly 250 workers in North America and Europe that work for those businesses will transfer to SBM, a family owned maker of crop protection products that currently has about 300 employees.
Twenty Bayer employees in RTP will shift to SBM. Today Bayer employs about 1,000 workers in RTP, which serves as the North American headquarters of the crop science division as well as the global headquarters of Bayer’s seeds business.
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Bayer Garden and Bayer Advanced products accounted for $268 million in sales last year. The businesses are part of Bayer’s environmental science unit, which in turn is part of the company’s crop science division.
Bayer also reported Thursday that its executives met recently with their counterparts at Monsanto about acquiring the U.S. company. Monsanto has a market value of about $42 billion.
The head of the environmental science business, Jacqueline Applegate, said in a statement that divesting the consumer businesses “will enable environmental science to become even more growth-oriented.”