Bayer Plans Spinoff of LANXESS Corp.
The new company, created as part of a Bayer Group restructuring, is scheduled to be spun off at the start of 2005, and will have annual sales of approximately $7.4 billion.
The company's portfolio of products is grouped into four business units:
LANXESS began operating as a legal entity in the United States on July 1. The company will be a member of the newly formed LANXESS Group, whose ultimate holding company is scheduled to be listed on a stock exchange in Germany at the beginning of 2005. The company's 10 U.S. manufacturing sites are located in Ohio, New Jersey, West Virginia, South Carolina, and Texas.