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Bayer CropScience to raise prices in 2009
Jul. 31, 2008
In a conference call with analysts broadcast on the company’s Web site, the head of Bayers CropScience division, Friedrich Berschauer, announced that the unit plans to increase pesticide prices by a rate of up to 3% through next year. "We implemented price increases of 2 to 3% in the second half. This sets the tone for 2009 and is ... in line with competitors," said Berschauer.
The division plans price increases of the same order of magnitude for the second half of 2008, in order to capitalize on global demand for crop chemicals.
Division sales are set to grow faster than the overall crop chemicals market, added Berschauer. As one of the worlds largest suppliers of conventional pesticides, Bayer CropScience posted an operating earnings growth of 26.5%, the highest rate among Bayers units.
Bayer also reported better-than-expected second-quarter operating profit bolstered by strong demand for its farming pesticides, which caused the company to lift its full-year sales target for the group and the CropScience division.
Source: Bayer
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