Bayer CropScience to Sell Institute Park to Union Carbide
Bayer CropScience says it plans to sell its Institute Industrial Park to Union Carbide. But the company will continue to operate its thiodicarb unit at the site as a tenant.
Terms of the transaction announced Monday weren't disclosed.
Bayer says in a statement to media outlets that the plant's operations, including utilities and security, will be transferred to Union Carbide in a phased turnover. Union Carbide is expected to assume full operation of the site by mid-2016.
The Institute site's head, Jim Covington, says it is no longer economically viable because of a decision in 2011 to close units dedicated to carbamate chemistries.
Bayer took over the site in 2002 as part of its acquisition of Aventis CropScience.
Covington says about 150 Bayer employees work at the site.