German chemical giant Bayer cuts key target amid weedkiller woes
The Peninsula
Frankfurt, Germany: German chemicals giant Bayer on Tuesday cut its forecast for 2024 operating earnings after a poor performance in its agrochemicals...
Frankfurt, Germany: German chemicals giant Bayer on Tuesday cut its forecast for 2024 operating earnings after a poor performance in its agrochemicals division hit quarterly profits.
The group reported a net loss of 4.18 billion euros ($4.45 billion) in the third quarter, with revenues in its agricultural unit down 3.6 percent.
A heavy drop in sales of its key glyphosate-based weedkillers -- at the centre of long-running legal fights over claims they cause cancer -- weighed particularly heavily.
Earnings at the agricultural unit were also hit by hefty writedown on assets.
"The development of the agricultural market has been weaker than anticipated, especially in Latin America," the group said in a statement.
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