World Economy

Panasonic to Buy Bayer Unit

Panasonic to Buy Bayer UnitPanasonic to Buy Bayer Unit

Bayer AG agreed to sell its diabetes devices business to Panasonic Healthcare Co., a joint venture backed by buyout firm KKR & Co., for about 1 billion euros ($1.15 billion), Bloomberg reported. The unit makes blood-glucose monitoring systems and other devices for people with diabetes, Leverkusen, Germany-based Bayer and Tokyo-based Panasonic said in a statement Wednesday. Bayer Chief Executive Officer Marijn Dekkers is shedding peripheral units as he focuses on more lucrative life-sciences operations. In addition to the diabetes sale, the company plans to list its plastics unit on the stock market in coming months. KKR owns 80 percent of Panasonic Healthcare, which develops, manufactures, sells and services medical equipment. Japan’s Panasonic Corp. owns the rest.