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Bayer Spinoff To Be Named Lanxess

Germany-based Bayer AG has chosen Lanxess as the permanent name for NewCo, a recently formed company comprised of certain parts of Bayer Chemicals and Bayer Material Science (See Textile World News, TW, December 2003).

"We believe that the name is goal-oriented and forward-looking," said Axel C. Heitmann, Ph.D., CEO designate of Lanxess. "This name is a combination of the French word lancer, meaning to set in motion, and the English word success. It conveys our credo: We are aiming for success, as quickly as possible."

Named to Lanxess's Management Board are: Heitmann; Ulrich Koemm, Ph.D.; Matthias Zachert; Bruce Olson; and Martin Wienkenhover, Ph.D. The company's formation is largely complete. Bayer expects Lanxess to be virtually independent by July 1, and expects stock market placement by early 2005.

April 2004