Bayer receives Finnish Presidential Award for long-term investment
Bayer of Germany is the first non-Finnish company to receive the Internationalization Award of the President of the Republic of Finland in a new category, Long-Term International Investor. Bayer employs more than 1,000 people in Finland, having expanded its operations several times. It is frequently among the top payers of Finnish corporate tax and was the top payer in 2020.
The Internationalization Award of the President of the Republic of Finland is given annually to recognize internationally successful companies or cooperatives. It has now been awarded to a non-Finnish company for the first time in a new category. The main criteria included sustained operations in Finland and the generation of economic value for the country.
The recipient, Bayer, has focused much of its research and development work in Finland on long-term contraception that uses polymer-based drug delivery technology. Bayer’s hormone-releasing intrauterine devices were the first Finnish medicinal product to pass one billion euros in sales, reaching 1.04 billion euros in 2016. Developed in the city of Turku, the hormone-releasing intrauterine devices have been Finland’s most exported pharmaceutical product for more than a decade.
– The new award for long-term investors demonstrates Finland’s interest in also recognizing foreign companies that have a major impact. Bayer has contributed to the Finnish economy through jobs created, euros invested, exports and innovations. It is a foreign-owned company that truly deserves this impressive award, says Antti Aumo, the director of Invest in Finland.
Medicines manufactured at the Bayer plant in Turku are sent to more than 130 countries. One of Bayer Group’s largest global clinical research units is located in the city of Espoo. In addition to developing products, Bayer is developing its own operations in Finland and has expanded significantly over the years.
– We are very grateful to the President of the Republic for this prestigious award and proud of the recognition we have received. Finland has for a long time been an important and propitious place for Bayer to operate and invest in. Finland has a predictable, stable and research-friendly operating environment which makes it an excellent place for an international pharmaceutical company to operate. We are proud of our footprint and its positive impact in Finland. We have unique competencies and innovation that are valued globally, says Miriam Holstein, CEO of Bayer Nordic region.
Earlier this year, Bayer announced that it would build a new pharmaceutical plant in Turku and modernize its existing production facility at the same time. The total value of this investment is 250 million euros ($285 million). In addition, Bayer invests approximately 80 million euros in Finland each year, including research and development spending. Bayer’s Finnish investments over the past ten years total more than 800 million euros. Bayer was the top payer of corporate tax in Finland in 2020 and has been among the top payers for many years. The company has paid well over a billion euros in Finnish corporate tax over the past decade.
The long-term investor award was presented to Bayer by President of Finland Sauli Niinistö in a ceremony on November 19. Other recipients of the Internationalization Award were the companies Relex Solutions, Peikko Group and Maria 01. The award recipients were proposed to the president by the Team Finland network, which includes Business Finland, ELY centers (Centers for Economic Development, Transport and the Environment), Finnvera, and the Ministry for Foreign Affairs. Candidates for the award were suggested by business organizations.
Source: Business Finland