Bayer AG, Leverkusen, Germany, plans to place a large part of its chemicals business and some actives of Bayer MaterialScience into a new company named Lanxess, which will then be floated on the stock market, according to executives. The name Lanxess is intended to communicate the international significance of the future chemicals enterprise.
“We believe that the name is goal-oriented and forward-looking,” said Dr. Axel C. Heitmann, chief executive officer 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.”
Lanxess’ management board has already been designated, and includes Dr. Axel C. Heitmann, chief executive officer; Matthias Zachert; Dr. Ulrich Koemm; Bruce Olson and Dr. Martin Wienkenhöver. Bayer plans a virtual organization for activities by July 1, allowing Lanxess to operate largely as an independent unit and be placed on the stock market by early 2005.