Bayer Plans Spinoff of LANXESS Corp.
LUDWIGSHAFEN, Germany - Bayer Group formally announced the launch of a new company, LANXESS Corp., as part of a plan to spin off major portions of Bayer's chemicals and polymer operations, including inorganic-pigments and paint-additives businesses. Chemical Intermediates - basic chemicals, fine chemicals and inorganic pigments; Engineering Plastics - semi-crystalline (nylon) and styrenics; Performance Chemicals - Borchers paint additives; Dorlastan Fibers L.L.C. (spandex); functional chemicals; Sybron Chemicals Inc. (ion-exchange resins); leather-, paper- and textile-processing chemicals; material-protection products; Rhein Chemie Corp. (additives and custom chemicals); and rubber chemicals; Synthetic Rubber - butyl rubber, polybutadiene rubber, technical rubber products.
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.
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