Sept 2 (Reuters) – Bayer said on Wednesday its Crop Science business had introduced two out of 10 planned new products with peak annual sales of at least €500 million ($579 million) each and mapped out further market launches.
Holding an investor event for the division, the German group also said it made significant progress on cost reductions, amounting to almost €400 million to date.
• The Plenexos insecticide was brought to market in Colombia, and Mexico, Brazil and the United States would follow.
• The Preceon short-stature corn with related products and services have been launched in Mexico, Italy, Spain, and the United States.
• Additional launches expected over the next few years, including soy technology.
• Bayer reaffirmed its targets for the division for EBITDA before special items to improve by €1 billion and an EBITDA margin before special items in the mid-20s percentage range by the end of the decade.
($1 = 0.8639 euros)
(Reporting by Patricia WeissWriting by Ludwig BurgerEditing by Linda Pasquini)
