Bayer Takes Next Steps to Sell Plastics Division

Originally published by: ReutersFebruary 12, 2015

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German healthcare group Bayer has started working on a new corporate set-up for the life-science businesses that will remain when its plastics division is split off, aiming for a new structure at the beginning of next year.

Employees were informed on Wednesday that a team had been set up to map out the new structure, which will not entail job cuts, a spokesman said on Thursday.

"We expect the number of jobs to be stable worldwide and in Germany over the next few years," he added.

Bayer, whose products include cancer drugs, birth control pills, veterinary drugs, pesticides and transparent plastics, unveiled plans in September to list its plastics business on the stock market to focus on its more profitable life-science businesses.

It said at the time it was eyeing a spin-off or initial public offering of the MaterialScience unit within 12-18 months.

Its three main divisions HealthCare, CropScience and MaterialScience each have largely autonomous management teams but the company has recently stressed the synergies to be gained in the research into human, animal and plant health. 

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