Leverkusen, Germany - Bayer Material Science has acquired the PU systems house of major raw material trader, Neochimiki SA, based in Athens, Greece.
Formerly known as Monochem SA, the systems house is transferred to Bayer Hellas and integrated into the Greek BaySystems house, Bayer said 1 April.
"This recent extension reflects the growing importance of the emerging markets in southeast Europe and further strengthens our commitment to customers in this region," said Peter Vanacker, head of Bayer's PU business unit. Vanacker said that despite the downturn in the economy, the company is determined to stand by its systems-house strategy.
This acquisition adds to Bayer's previous acquisition two years ago of PU systems business Dr D. A. Delis AG, also in Athens.
Financial details of the deal were not disclosed. (RD)