Sigma-Aldrich Renames Research Sales Units
“Scientific Research” and “Biotechnology” Better Reflect Capabilities and Growth Potential
In a move to more accurately reflect the capabilities and market focus of its two largest sales units, Sigma-Aldrich has renamed its two research based business units. The unit formerly known as Laboratory Products has become Scientific Research and the former life science unit is now named biotechnology. These units represent over three-fourths of the Company’s sales and drive the Company’s overall business mix, roughly 75% of which is to customers in the life sciences and 25% of which is to customers using our products in a broad variety of high tech applications.
Both units are expected to exceed the market growth rate in their respective areas. Scientific Research has a targeted growth rate of 8% (currency adjusted) at the end of 2001 in a $4.6 billion market growing at a 5% rate. The opportunities are even more impressive for the Biotechnology unit, where growth for the year 2000 has already exceeded expectations of 12% (currency adjusted) in a $2.4 billion market growing at just over 10%.
In announcing the new names, Chairman, President and CEO David Harvey said, “The recognition of the life science and high tech capabilities of Sigma-Aldrich implicit in the names Scientific Research and Biotechnology should certainly improve everyone’s understanding of the products we offer. I’m confident that these units, both in name and performance, reflect the true nature of our business and the market growth potential each enjoys”.
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