Lanxess is to transform its fine chemicals business out into a
legally-discrete subsidiary as part of a programme to increase its
competitiveness in the market for pharmaceutical and agricultural
chemicals, reports Phil Taylor.
Bayer stockholders have cleared the way for the spin-off of
chemical unit Lanxess, with voters holding 99.66 per cent of the
company's capital stock supporting the split.
Chemicals group Lanxess - to be spun out of Germany's Bayer next
year - plans to relocate a plant in Texas to China in order to tap
into the strong growth in the market for chemicals there.
Lanxess, the new company in which Germany's Bayer will combine
almost all areas of its chemicals business and parts of its
polymers activities, begins operating as an independent unit today.