Bayer`s NewCo becomes `Lanxess`
The German chemicals giant, Bayer has revealed the new name of it non-farm chemicals operation, including its leather chemicals division.
Called ‘Lanxess’, the operation was temporarily named ‘NewCo’ when its pending spin off from the main Bayer group was announced on
According to Bayer, the Lanxess name is intended to communicate the international significance of future chemicals enterprise. “The name is a combination of the French word ‘Lancer’, which means to set in motion, and the English word ‘success’, explained Dr Axel C. Heitmann, CEO designate of Lanxess. “It conveys our credo: we are aiming for success, as quickly as possible.
The process of establishing the new company was also described as running to schedule. The future management board of Lanxess comprises Dr. Axel C. Heitmann (CEO), Matthias Zachert, Dr Ulrich Koemm, Bruce Olson and Dr Martin Wienkenhöver.
Aimed at allowing Bayer to focus on its core pharmaceutical and specialised development businesses, the spin off will see Lanxess being placed on the stock market as an independent operating unit by early 2005 at the latest.
