Bayer to acquire Lyondell

JAKARTA (JP): Publicly listed PT Bayer Indonesia Tbk announced on Monday plans to take over a majority share in polyurethane raw materials manufacturer PT Lyondell Indonesia.

Bayer Indonesia senior executive Wolfgang Piroth said the takeover of Lyondell Indonesia's shares would be carried out in the first half of this year.

"The takeover of Lyondell Indonesia is part of Bayer's global acquisition worth US$2.45 billion of the polyols business of United States-based Lyondell Chemical Company" he said in statement.

He said Lyondell Indonesia operated a factory in the Merak Industrial Park in West Java, with an annual production capacity of 32,000 tons of polyols, raw materials used in the production of polymers.

Bayer Indonesia, which produces a broad range of pharmaceuticals and household and agricultural products, booked $108 million in sales in 1998. The company's sales rose by 50 percent in the first nine months of 1999 compared to the same period in 1998. (cst)