BAYER PUTS H&R FIRM UP FOR SALE
PARIS — Fragrance and flavors supplier Haarmann & Reimer (H&R) is on the block.
Bayer AG, which owns the Holzminden, Germany-based firm, plans to sell H&R and its Rhein Chemie Rheinau company, specializing in additives for rubber, lubricants and plastics, plus its interest in PolymerLatex GmbH & Co.
“These are excellent companies with development potential,” said Bayer management chairman Dr. Manfred Schneider in a statement. “But we no longer consider their activities to be core businesses.”
While industry sources close to the company say Switzerland’s Givaudan is close to snapping up H&R, neither Givaudan nor H&R would comment on the rumor, which has resurfaced after making waves in August.
But an H&R spokesman confirmed that the company is expected to be sold in the first half.
In 2000, H&R rang up sales of $768.34 million, converted from the euro at current exchange rates. The company employs some 3,800 people worldwide.