Bayer names spinoff unit Lanxess.BAYER NAMES SPINOFF Spinoff A new, independent company created through selling or distributing new shares for an existing part of another company. Notes: Spinoffs may be done through a rights offering. UNIT LANXESS LANXESS AG (FWB: LXSG) is a leading chemicals group with production sites and agencies all over the world: a global player in the fields of chemicals, plastics and rubber. LANXESS operations have a long history, rich with a tradition of research and discovery. . Bayer AG Bayer AG German chemical and pharmaceutical company. Founded in 1863 by Friedrich Bayer (1825–1880), it now operates plants in more than 30 countries. Bayer has originated scores of pharmaceuticals, chemicals, and synthetic materials; it was the first developer and , Leverkusen, Germany, announced "Lanxess" will be the name for a new company it is forming by spinning off its chemicals and polymers businesses. Forming Lanxess should allow Bayer to focus on pharmaceuticals and other health care operations. Bayer said the reorganization process for Lanxess is all but complete. The company plans to sell Lanxess shares publicly in 2005. |
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