Bayer's gradual move to position itself as a world-leading company in the field of human, animal and plant health has now culminated in the inevitable decision to unload its plastics business. The announcement came Thursday and was made by Bayer A.G.'s Board of Management.
The intention, said Bayer, "is to float MaterialScience on the stock market as a separate company," freeing the way for the Bayer Group to focus entirely on its Life Science businesses, HealthCare and CropScience, in order to continue the positive development of these activities in the future through further investment in growth. The Life Sciences currently already account for about 70 percent of Bayer's sales and 88 percent of EBITDA before special items.
The Supervisory Board also unanimously approved the Board of Management's plans today. "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. In his view, 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.