LEVERKUSEN, Germany (March 18)—Bayer A.G.'s elastomers business will be part of a company called "Lanxess" when the company floats its chemicals business as a separate entity later this year or early next year.
Lanxess is derived from the French word "lancer," meaning to set in motion, and the English word "success," the company said. The name is "intended to communicate the international significance of the future chemicals enterprise," the firm said. "It conveys our credo: We are aiming for success, as quickly as possible," said Axel C. Heitmann, CEO designate of Lanxess, which is operating now as NewCo.
Lanxess will comprise Bayer's chemicals business, the elastomers business, several polyurethane-related activities such as its Rhein Chemie Rheinau GmbH specialty chemicals unit, including PU systems, and its Dorlastan PU-based fibers unit, and various engineering plastics including acrylonitrile butadiene styrene. The company will have annual sales of nearly $6.5 billion and 20,000 employees.