Bayer CropScience, a subgroup of Bayer unveiled Thursday its new four-pillar growth strategy which sees the company restructure its Crop Protection business, while also doubling its investment in research and development in the BioScience segment from 2010's €200 million. Further, Bayer will also speed up the phasing out of WHO Class I insecticides.

Sandra Peterson, chief executive officer of Bayer CropScience said "Our entire organization is relentlessly focused on meeting the rapidly changing needs of a planet hungry for agricultural resources. We will continue to meet these needs only through our increased focus, improved efficiencies and accelerated innovation. Already, our efforts on these fronts are driving positive business results and momentum."

Commenting on the phasing-out of insecticides, she added that, by the end of 2012, Bayer "will no longer have any products with this classification anywhere in its portfolio".