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.
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.