Bayer establishes MaterialScience subsidiary
By Patrick Raleigh, UT On-line news editor
Leverkusen, Germany-Bayer AG has established Bayer MaterialScience AG as a legally independent subsidiary, as part of a recently launched reorganisation of the group. With 2003 sales of around Euro7400 million. The unit will focus principally on the polycarbonate and polyurethane activities, which were previously part of Bayer Polymers AG.
“As a separate company within the Bayer Group, we will have the scope to ensure profitable growth and a flexible response – for the benefit of our customers and business partners,” said Hagen Noerenberg, Bayer MaterialScience chairman, in a 30 Dec press statement.
Bayer’s reorganisation also involves the creation of a new firm, provisionally called NewCo, to encompass Bayer Chemicals AG and the remaining activities of the now defunct Bayer Polymers unit-rubber, rubber chemicals, styrenics and semi-crystalline plastics.