Germany's Bayer plans to boost sales in Russia by 80% by 2017

German pharmaceutical, material and crop sciences major Bayer’s (BAYN: DE) chief executive Marijn Dekkers revealed at a press conference in Moscow yesterday (September 5) that the company plans to further expand its business in Russia aiming to increase sales in that market by 80% from their 2012 level to 1.3 billion euros ($1.71 billion) by 2017.

At the same time, the number of Bayer employees is expected to grow from 1,570 in 2012 to some 2,400 in 2017 – an increase of more than 800 jobs. "We are committed to Russia as a partner and want to continue to offer valuable contributions to the development in this country, both in business and in the Russian community,” said Dr Dekkers, noting that Bayer innovations and know-how will support Russia's strategic goals under the current government programs.