Leverkusen, Germany - In Bayer AG's polyurethane and polycarbonates business, "The first signs of a modest recovery in demand are appearing, although that does not yet signify a sustained improvement," Bayer chairman, Werner Wenning said at the company's annual stockholder meeting in Duesseldorf, Germany, 12 May.
Wenning said he was proud of what was "the most operationally successful year in the company's history." Q1 2009 results recorded that sales in Bayer's Pharmaceuticals segment rose by 4.8 percent to Euro 2587 million ($3529 million), in the Crop Protection business, sales climbed by 6.9 percent to Euro 1734 million, and Environmental Science, BioScience segment sales increased by 8.4 percent to Euro 386 million.
Targets set for the MaterialScience group are proving demanding, the company said, following a slump in business, leaving a mark on sales and earnings for the group as a whole. Bayer MaterialScience recorded sales of Euro 1636 million in Q1 2009, a drop of 34.9 percent compared to the same period last year.
"Our corporate strategy is proving effective even in a difficult environment," Wenning said, adding that in terms of the economic crisis, "companies need to react quickly and appropriately to economic trends."
Wenning went on to comment on the company's plans during the economic downturn and times of low demand: "Obviously there will be some restructuring in the market and consolidation of production capacities. Like other companies, we will be unable to escape these trends," Wenning said, adding, "any future measures and adjustments at Bayer will be designed in such a way that they do not impair the sustainability of our business." (RD)