Bayer Name New Spin Off Company Lanxness

Following on from their announcement on November 7, 2003, that they would spin off a large part of their chemicals business and certain parts of their Bayer MaterialScience for the purposes of a stock market float, Bayer have completed much of the ground work and chosen the name of ‘Lanxness’ for the new company.

The name was chosen from a list that numbered 3700 and comes from the French word ‘lance’, which means to set in motion, and the English word ‘success’.

The process of establishing the new company is running to schedule. A management board has been established and the shaping of the company has largely been completed.

Bayer plans a virtual organisation for the activities concerned by July 1, allowing Lanxness to operate largely as an independent unit and be placed on the stock market by early 2005 at the latest.