Bayer to buy Schiff Nutrition for $1.2 bn

German chemicals and pharmaceuticals giant Bayer said Tuesday it has agreed to buy US-based Schiff Nutrition International in a deal worth $1.2 billion or 920 million euros. Schiff Nutrition is a leading maker of vitamins and nutritional supplements and its brands include MegaRed, Move Free and Airborne, Bayer said in a statement. The German company, best known for its Aspirin painkiller, said the transaction was expected to be completed by the end of this year. "This transaction represents an excellent strategic fit for our healthcare business," said chief executive Marijn Dekkers. "The Schiff business significantly enhances our presence and position in the United States, which accounts for more over-the-counter and nutritional products sales than any other country in the world," he said. Schiff, based in Salt Lake City, Utah, has a workforce of some 400 and generated sales of $259 million in its business year ended May 31. It is projecting sales growth of 43-46 percent for the current year, Bayer said.