LANXESS goes solo.LANXESS GOES SOLO. 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 said LANXESS, formed from the chemicals arm and some of the polymers activities of Bayer AG, will begin operating as an independent company at the start of 2005. The new company has some 20,000 employees, its own corporate structure, and 2003 sales based on the combined financial statements Combined financial statement A financial statement that merges the assets, liabilities, net worth, and operating figures of two or more affiliated companies. A combined statement is distinguished from a consolidated financial statement of a company and subsidiaries, which must of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 6.3 billion (US$ 8.4 billion), and has been created in record time since the decision was taken to spin off these operations in November 2003. The spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. creates what is anticipated to be Europe's sixth largest chemical company. |
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