Bayer ups Ernst Schering Foundation capital 10M euros

In connection with its acquisition of Schering AG (marketletters passim), the Leverkusen, Germany-based company Bayer AG has increased the capital of the Ernst Schering Foundation 10.0 million ($12.5 million) to 35.0 million euros to put the organization's activities on a sustainable basis. Further, the company museum and parts of Schering's art collection were transferred to the Ernst Schering Foundation.

"The Ernst Schering Foundation has done impressive work. In recognition of this, we have decided to strengthen this organization, which operates internationally from Berlin, for the future," said Werner Wenning, chairman of the board of management of Bayer. "Furthermore, a Foundation of this sort is an excellent fit with our corporate philosophy: social commitment has traditionally been an integral part of Bayer's corporate culture. We currently support more than 300 projects worldwide in the areas of education and research, environmental protection, health and social commitment, sports and cultural activities."

Hubertus Erlen, chairman of the executive board of Schering and deputy chairman of the board of trustees of the Foundation, welcomed this decision, saying: "the additional capital opens up new opportunities for the Foundation to broaden its activities."