Lanxess spin-off accomplished
The separation of German Lanxess AG from the Bayer Group was accomplished on Friday, January 28, 2005 with the entry of the spin-off of the new chemicals group in the commercial register for Bayer AG. This completes the most fundamental restructuring in Bayer AG's history. The portfolio of Lanxess comprises large parts of Bayer's previous chemicals business and about one third of its former polymers business.
With 2003 sales of some €6.3 billion (based on the Combined Financial
Statements) and about 19,600 employees (as at September 30, 2004), Lanxess is among
"Placing Lanxess on the stock market is a crucial part of Bayer's strategic realignment. The preparations for the spin-off took little more than a year. This is a tremendous achievement, for which I would like to thank all employees on behalf of the entire Board of Management," said CEO of Bayer AG, Werner Wenning. "We wish all Lanxess employees a good start as an independent company and every success in the future."
Bayer will in future concentrate on its growth- and innovation-driven core businesses in the fields of health care, nutrition and high-tech materials.
