H.C. Starck To Acquire CSM
October 23, 2000
Bayer subsidiary H.C. Starck GmbH & Co. KG has signed an agreement to acquire U.S.-based CSM, a manufacturer of molybdenum and tungsten mill products as well as machined components and fabrications made from alloys of other refractory metals. "In light of the continuing good prospects for further growth, we have decided to expand H.C. Starck, an important business for the Bayer Group," commented Manfred Schneider, Bayer management board chairman. "The acquisition of CSM will enhance the potential of that business and create value for Bayer." The acquisition requires the approval of U.S. antitrust authorities, which is expected by the end of this month. With 500 employees in the U.S. and Europe, CSM has budgeted for global sales of about $110 million in its current fiscal year.
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