Bayer says BMS floatation plans “on schedule”

Leverkusen, Germany – Bayer is “on schedule” with preparations for the planned stock market floatation of its Bayer MaterialScience (BMS) polymer business, the German group said in a first quarter results announcement

"As before, we plan to carry out the flotation of MaterialScience by mid-2016 at the latest," said Bayer CEO Dr. Marijn Dekkers.

Sales of the subgroup grew by 7.5 percent in the first quarter, to €3,014 million as opposed to €2,803 million in the first quarter of 2014.

Adjusted for currency and portfolio effects, sales declined by 2.1 percent due to lower selling prices for polyurethanes and polycarbonates. Raw material prices were down sharply in both these business units.

Sales of raw materials for coatings, adhesives and specialties improved by 4.9 percent, while Industrial operations moved back by 4.2 percent.

Sales of polyurethane foam raw materials fell by 6.6 percent, while the polycarbonates business expanded by 3.9 percent.

Operating income before special items at BMS improved by 15.8 percent to €424 million, against €366 million in 2014.

Significantly lower raw material prices more than offset the decline in selling prices at BMS, reported Bayer.