Bayer to Focus Entirely on Life Science Businesses
LEVERKUSEN, Germany - Bayer announced on September 18 that it plans to focus entirely on the Life Science businesses - HealthCare and CropScience - and float MaterialScience on the stock market as a separate company, positioning Bayer as a leading company in the field of human, animal and plant health.
"Our intention is to create two top global corporations: Bayer as a world-class innovation company in the Life Science businesses and MaterialScience as a leading player in polymers," said Bayer CEO Dr. Marijn Dekkers. He said both companies have excellent prospects for success in their respective industries. Employment levels are expected to remain stable over the next few years, both globally and in Germany.
In recent years, Bayer has shifted towards its Life Science activities with the successful launch of novel pharmaceutical products, the pending acquisition of the over-the-counter products business of Merck & Co. Inc., and the successful development of the CropScience business. The company aims to continue the positive development of these activities through further growth. Following its regular evaluation of the business portfolio, the Board of Management decided to focus the company on these areas.
The company plans to float the MaterialScience business on the stock market as a separate company within the next 12 to 18 months. Following the divestment, MaterialScience will be be positioned to be Europe's fourth-largest chemical company; it had global sales in 2013 of more than €11 billion (pro forma figure). The new company will have a global workforce of roughly 16,800, including about 6,500 in Germany. It will have a new name and a separate identity and be headquartered in Leverkusen, Germany.