Bayer to spin off plastics division, focus on health care
Canadian Plastics
Economy Plastics Industry Economic Changes/ForecastBayer AG has announced plans to put its MaterialScience plastics segment on the stock market as a separate company.
Bayer AG has announced plans to put its MaterialScience plastics segment on the stock market as a separate company.
The German company said it plans to focus “entirely on the life science businesses — health care and crop science.”
Bayer’s supervisory board has unanimously approved the move. “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 CEO Marijn Dekkers in a statement. “We firmly believe that MaterialScience will use its separate status to deploy its existing strength even more rapidly, effectively and flexibly in the global competitive arena.”
The new company — with a new name — would be based in Leverkusen, Germany, which is the global headquarters of Bayer, and have about 16,800 employees, including 6,500 in Germany.
The MaterialScience division produces plastics, coatings and chemicals used in foams, insulation, auto lights and DVDs. It has its North American headquarters near Pittsburgh.
Bayer’s health care portfolio includes Bayer aspirin, Aleve, One-A-Day vitamins and other consumer brands and prescription medications.
