LEVERKUSEN, GERMANY (July 28, 1:30 p.m. ET) — Bayer AG posted lower-than-expected sales on the back of weaker volumes in plastics and foam – its second quarter sales nudged just 0.8 percent higher to $13.3 billion. The German giant's MaterialScience division did, however, managed to raise prices but not sales volumes.
“We are pleased with the way our business performed,” said Bayer CEO Marijn Dekkers. “We have also achieved significant progress with products from our research and development pipeline.
“MaterialScience benefited from the increase in selling prices in all business units and regions, especially in Europe and North America. By contrast, volume sales were down slightly against the prior-year level.”
However, the healthy growth of volumes in Europe was insufficient to compensate for the declines in the Asia Pacific and North America regions, the firm admitted.