The largest pharmaceutical firm in Germany, Bayer has announced it has agreed to purchase Steigerwald Arzneimittelwek GmbH, a privately owned maker of herbal medications.
Bayer said that the Darmstadt, Germany based Steigerwald had generated sales revenues worth Eur61.3 million in 2012 with 180 employees.
The announcement did not provide the financial details of the purchase.
According to Dr Marjin Dekkers, Bayer AG CEO, "This transaction is further evidence of our commitment to augment organic growth with strategic bolt-on acquisitions. It will allow us to provide consumers with an even broader range of self-care options. This acquisition broadens our product offering for the treatment of gastrointestinal disorders and gives us the opportunity to enhance our presence in Germany, the fast-growing regions of East-Central Europe, and the CIS countries."
Klaus Möller, one of shareholders of Steigerwald also added, "As a family-owned business, we take great pride in what we have achieved in nurturing and developing our brands. We believe that Bayer, with its extensive marketing, sales, distribution and research expertise, is well positioned to take our success to the next level."
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