Lanxess, Bayer’s former chemicals business including leather chemicals, began operating as an independent unit on July 1, 2004. For the moment the new structure only applies internally, the company says.

"We've reached an important milestone for the realignment of the Group on schedule," said Chairman of the Bayer Board of Management Werner Wenning. Lanxess will be able now to operate largely independently. The company is scheduled to be listed on the stock exchange at the beginning of 2005. The decision as to whether this will take place via an IPO or a spin-off will be taken over the coming weeks, but until the stock market flotation, Lanxess will operate under the umbrella of the Bayer AG holding company.

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