By Giulia Petroni

Bayer AG said Thursday that it plans to invest around 2 billion euros ($2.23 billion) over the next three years in order to strengthen the production network of its pharmaceutical division.

The German pharmaceutical-and-agricultural company said the investments will target key production sites, manufacturing technologies and the supply chain network to support future areas of growth across the business.

The company also said it is assessing which manufacturing activities might not be of strategic focus, and has decided to transfer its plant in Sao Paulo, Brazil, to a new operator. It is also planning to transfer parts of the infrastructure and services at the German sites in Bergkamen, Wuppertal and Berlin to external partners.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 31, 2022 03:05 ET (07:05 GMT)

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