Schering AG looking for record 2000 profits

Germany's Schering AG, recently the subject of a rumored takeover bidfrom Roche (see story alongside), is expected to report net record profits of over 300 million euros ($284.5 million) for 2000, according to its chairman, Giuseppe Vita. Sales are forecast to reach 4.40 billion euros compared with group turnover of 3.67 billion euros in 1999.

Mr Vita, who hands the Schering chairmanship to Hubertus Erlen in April, said that 2001 is also expected to be a good year. In the current year, Schering will start talks to reinforce its position in the joint Franco-German Aventis CropScience and expects the formerly ailing agribusiness company to move into the black. Schering has a stake of about 24% in the latter and Aventis is keen to shed the subsidiary to focus exclusively on its core pharmaceuticals business (Marketletter November 20, 2000).

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