Apr 1 2009
Bayer MaterialScience strengthens its BaySystems systems house business in southeast Europe by acquiring the polyurethane systems house of Neochimiki S.A., Athens. Neochimiki, the leading trader for chemical raw materials in Greece, and Bayer MaterialScience have now concluded an agreement to this effect.
Previously known as Monochem S.A. and headquartered in Inofyta, north of Athens, the systems house is transferred to Bayer Hellas and integrated into the Greek BaySystems systems house. Financial details of the transaction will not be disclosed. Two years ago, Bayer MaterialScience had already acquired the polyurethanes systems business of Dr. D. A. Delis AG, Athens, and therewith became the first large producer of polyurethanes to establish its own systems house in Greece.
With the acquisition of the systems house from Neochimiki, Bayer MaterialScience reinforces its activities in southeast European countries such as Greece, Turkey, Romania, Bulgaria, Serbia and Cyprus. The business activities of the BaySystems systems house focus primarily on rigid foams for the construction and insulation industries, and on polyurethane molded foam and systems for the footwear industry. "This recent expansion reflects the growing importance of the emerging markets in southeast Europe and further strengthens our commitment to customers in this region," explained Peter Vanacker, head of the Polyurethanes Business Unit and a member of the Executive Committee of Bayer MaterialScience. "Despite the current economic downturn, we are determined to stand by our systems house strategy and will continue to optimize our global BaySystems network."
In addition to the Greek systems house, the network of systems houses in the Europe, Middle East, and Africa (EMEA) region of Bayer MaterialScience also includes the BaySystems houses in Germany, Denmark, the Czech Republic, Russia, Italy, Spain, the United Arab Emirates and South Africa.