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Bayer To Spin Off Non-Core Businesses Into New Company

Bayer To Spin Off Non-Core Businesses Into New CompanyIn an effort to focus on its core healthcare, nutrition and materials development businesses, the Bayer Group, Germany, will form a new company combining certain parts of Bayer Chemicals and Bayer Polymers Fibers, Additives and Rubber Division which includes its Dorlastan® elastane business and the nylon segment of its Plastics Division. Taking the temporary name NewCo, the new company will have its own stock market listing by early 2005. Dr. Axel Claus Heitmann, who serves on Bayer Polymers Executive Committee and heads its Asia region, is NewCos CEO-designate.Following the separation, Bayer will be able to focus more closely on the core businesses in which we have excellent technologies, strong market positions and, above all, growth areas that we intend to further strengthen by pooling all our resources, said Werner Wenning, CEO, Bayer. Dean Bender, director of marketing, Textile Processing Chemicals, Bayer Chemicals Corp., Pittsburgh, said the formation of NewCo will have a positive impact on Bayers textiles business. [A]mong the assets that will come into the new company will be the trademarks from Bayer, including our very well-known and valuable BayProtect brand, he said. Our strategy is to continue to push the development of chemistries that provide protection to apparel fabrics, carpeting and technical textiles, and to be one of the premier leaders of such technologies. The formation of NewCo will enable us to more thoroughly support our textile strategy.NewCo will employ approximately 20,000 people and generate annual sales of 5.6 billion euros from an offering of about 5,000 products including process chemicals for the textile, paper and leather industries; inorganic pigments for plastics and concrete; and polymer additives including flame-retarding agents and plasticizers; among others. December 2003