Bayer CropScience Raises R&D Spending

Bayer CropScience will phase out some older products, increase R&D spending, and extend its seed business, CEO Sandra E. Peterson told reporters at the firm’s annual press conference. The company will accelerate its previously announced phaseout of aldicarb and all other insecticides listed as Class 1, or hazardous, by the World Health Organization. Bayer will increase spending on crop R&D by 20% to $1.2 billion by 2015, including a doubling of the budget for seed development to $550 million. And the firm plans to expand its seed and traits businesses for cotton, oilseeds, and vegetables.