The Bayer Cross, one of the best-known trademarks in the world. Image source: Bayer
Beleaguered German chemical giant Bayer has announced it plans to invest €5-billion in the development of alternatives to its glyphosate-based weedkiller Roundup. The company is currently embroiled in over 13,000 lawsuits in the US claiming that the product causes cancer.
While Bayer continues to stand behind Roundup, which it acquired via its $63-million Monsanto purchase, the company is attempting to ease concerns among farmers and the public over the controversial chemical and has said it will open the safety certification process up to public scrutiny in Europe.
“While glyphosate will continue to play an important role in agriculture and in Bayer’s portfolio, the company is committed to offering more choices for growers,” the company said in a statement.
The statement also emphasised Bayer's safety commitments, in particular in developing countries: "The company will apply consistent safety standards to its products—even when it means exceeding local regulations. Since 2012, Bayer has stopped selling all products that were considered acute toxicity class 1 by the World Health Organization, regardless of whether they were allowed in a particular market. Bayer announced on Friday that it will only sell crop protection products in developing countries that meet both the safety standards of that local market and the safety standards of a majority of countries with well-developed programs to regulate crop protection products."
"We’re making good progress on integrating the acquired agriculture business, and are now starting to implement a series of measures to drive transparency and sustainability across our business,” said Werner Baumann, Chairman of the Board of Management of Bayer AG. “We will continue to advance our standard, driven by our commitment to a better life for this generation and generations to come.”
Bayer's acquisition of Monsanto has been soured by the numerous litigations arising from Roundup. Last month, the company suffered a third court loss over claims that exposure to Roundup caused cancer, and was ordered by the court to pay $2-billion in damages to an elderly couple in California.
The Monsanto purchase also caused a wave of anger among investors who saw 43% wiped off the price of shares. In April, in what was an unprecedented show of anger, shareholders delivered a vote of no confidence in the company's top executives. While the vote has no legal consequences and was largely symbolic, the vote was a first in German corporate history and was taken as a warning shot by the company's top brass.
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