Bayer MaterialScience to Acquire Taiwan's Ure-Tech Group.New Global Leader in Thermoplastic A polymer material that turns to liquid when heated and becomes solid when cooled. There are more than 40 types of thermoplastics, including acrylic, polypropylene, polycarbonate and polyethylene. Polyurethane Resins and Films LEVERKUSEN, Germany -- Bayer MaterialScience Bayer MaterialScience (BMS) is an independent subgroup within Bayer AG. It was created as part of the restructuring of Bayer AG from the former business group Bayer Polymers, with certain of its activities being spun off to Lanxess AG. will acquire Taiwan's Ure-Tech Group, the largest thermoplastic polyurethane (TPU TPU - Text Processing Utility ) producer in the Asia Pacific region. With this acquisition the Germany-based company will become the world's largest supplier and solutions provider of TPU resins and films. The deal is subject to regulatory approval by the cartel office and is expected to be closed in the first quarter of 2007. Both parties have agreed not to disclose purchase price and other related details of the acquisition. In 2005, approximately 180 employees of the Ure-Tech Group generated sales of around USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 55 million. Sales of Bayer MaterialScience's Thermoplastic Polyurethanes Business Unit were 192 million Euros last year with roughly 450 employees. Combining its activities with Ure-Tech will substantially strengthen Bayer MaterialScience's existing TPU market position in Asia Pacific, significantly widening and solidifying its market access, especially in Taiwan, China and the South Asian countries Noun 1. Asian country - any one of the nations occupying the Asian continent Asian nation country, land, state - the territory occupied by a nation; "he returned to the land of his birth"; "he visited several European countries" . It will become the market leader in TPU resins supply in the Asia Pacific region. The acquisition will solidly position Bayer MaterialScience to tap into the significant growth potential for TPU resins in the Asia Pacific region, especially China. It also provides the impetus for Bayer MaterialScience to accelerate its global growth in the TPU resins market. In 2005, the total TPU resins and films market was worth about 1.2 billion Euros. Dr. Hagen Noerenberg, Bayer MaterialScience's Chairman of the Board, said: "We are combining Bayer MaterialScience's global expertise, our international network of customers and locations and our innovative strength with Ure-Tech's market access. The company is the leading Asian supplier of TPU resins and has strong local expertise as well as close customer relationships." "As TPU supplier and solution provider of resins and films, we aim to be the number one partner for customers worldwide," said Dr. Tim Bielfeldt, Global Head of the Bayer MaterialScience TPU Business Unit. Ure-Tech's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Frank Huang Frank Xin Huang (born September 5, 1978) is a Chinese-born American violinist. He has won several international music competitions, most notably the 2003 Naumburg Competition. Huang has concertized widely as a soloist, and his debut recording has been critically acclaimed. , said, "This is a match made out of understanding of both our strengths and special know-how. We complement each other in the areas of production, marketing, research and development." Together with Ure-Tech's production facilities, Bayer MaterialScience will have in close proximity to its customers a total of six TPU resins and two films production facilities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, and the Asia Pacific region. Four of these are in Asia Pacific, in Taichung, Taiwan; Shenzhen in Southern China; Cuddalore, India; and Osaka, Japan (a joint venture with Dainippon Ink & Chemicals, Inc.). The other four are in New Martinsville, W. Va., USA; South Deerfield, Mass., USA; and in Dormagen and Bomlitz in Germany. The acquisition of Ure-Tech's TPU operations will have no negative impact on employees. About Bayer MaterialScience: With sales of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 10.7 billion in 2005, Bayer MaterialScience AG is one of the world's largest polymer manufacturers. Its main fields of activity are the production of high-tech polymer materials and the development of innovative solutions for products used in many areas of everyday life. The main consumer sectors are the automotive, electrical/electronics, construction, sports and leisure industries. Bayer MaterialScience has production facilities at 40 sites around the world and a workforce of approx. 18,800. Bayer MaterialScience is part of the Bayer Group. About Ure-Tech: Taiwan-based Ure-Tech group is the biggest producer of Thermoplastic Polyurethane (TPU) elastomer elastomer (ĭlăs`təmər), substance having to some extent the elastic properties of natural rubber. The term is sometimes used technically to distinguish synthetic rubbers and rubberlike plastics from natural rubber. in Asia Pacific, manufacturing products under the Utechllan([R]) brand. It was founded in May 1992 and now has a manufacturing plant in Taichung, Taiwan, and another production facility in Shenzhen, China. Its Utechllan([R]) brand of TPU is widely used by the footwear and sports and leisure industries among others in the Asia Pacific region. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. and with the U.S. Securities and Exchange Commission (including our Form 20-F). The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. |
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