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Bayer To Invest EUR 5 Bln In Developing New Weedkillers

Bayer (BAYZF.PK,BAYRY.PK,BYR.L) said Friday that it would invest about 5 billion euros in developing new weedkillers over the next decade. The company plans to reduce its environmental impact by 30 per cent by 2030, as it battles thousands of lawsuits claiming the herbicide causes cancer.

Last month, California jury awarded more than $2 billion to a couple who alleged Bayer's Roundup weedkiller caused their cancer.

"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 and will invest approximately 5 billion euros in additional methods to combat weeds over the next decade," Bayer today said.

Bayer noted that the measures will address public concerns arising from its acquisition of Monsanto.

Bayer also said that it will only sell crop protection products in developing countries.

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