Bayer Says Spinoff Plan Won't Include Coatings Materials
LEVERKUSEN, Germany - Bayer AG announced plans to spin off its chemicals division and part of its polymers business in a restructuring that will create a new chemical company and place the emphasis for Bayer's existing drug business on Europe.
The company said, however, that the spinoff will not include its coatings raw materials business, which Bayer said remains a key growth area. Following the spinoff, Bayer said it would be better able to concentrate on its three remaining businesses: drugs and health-care equipment; agricultural chemicals; and specialized industrial products, including coatings and plastics raw materials.