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HOECHST AND SCHERING INTEND TO COOPERATE IN CROP PROTECTION

 MONTREAL, July 9 /PRNewswire/-- Hoechst AG, Frankfurt, and Schering AG, Berlin, have agreed to combine their agrochemical activities and set up a joint venture.
 The joint venture will be run on a partnership basis and will bear the names of Hoechst and Schering. Sixty percent of the shares of the new company will be held by Hoechst and 40 percent by Schering. Joint activities are planned to start at the beginning of 1994. The joint venture will have its headquarters in Berlin. Prior condition will be the agreement of both supervisory boards, and, in the case of Schering, the consent of the general assembly. In addition all approvals will first have to be received from the authorities.
 This cooperation was prompted by the increasingly difficult economic environment for agrochemical companies. The only way to tackle these difficulties is to ensure that profitable and innovative products on an own-research basis come to the market more quickly and to increase cost- efficiency. Only companies of sufficient size will be in a position to afford the investments necessary for constant renewal of their product range. The new joint venture is aiming at a turnover of more than DM 3 billion, which will make it in current terms one of the large agrochemical producers in the world.
 -0- 7/9/93
 /CONTACT: Maurice Delage of the Regina Office, 306-721-4519, for Hoechst AG/


CO: Hoechst AG; Schering AG ST: Quebec IN: AGR CHM SU:

MG -- NY063 -- 0023 07/09/93 15:38 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
Words:248
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