Germany's Bayer To Buy Ohio Molybdenum Manufacturer

ByBridgeNews Bayer AG, the German pharmaceutical and chemicals company, reported Oct. 18 that its H.C. Starck GmbH & Co. KG unit has agreed to buy Cleveland, Ohio-based CSM Industries, a maker of molybdenum and tungsten mill products, for an undisclosed sum. The deal hinges on approval of the U.S. trust authorities, which are expected to rule in November, Bayer said. "Due to the continuous good growth opportunities, we have decided to expand H.C. Starck GmbH & Co. KG unit, which is an important part of the Bayer group," explains the group's CEO, Manfred Schneider. CSM plans to reach full year sales of around US$110 million and has around 500 employees, the group added. The Bayer unit is specialized in metallic and ceramic powder as well as wire and semi-finished products, which includes the manufacturing of electric and electronic components and optical and medical appliances among other products.