The Bayer chemical group has separated from its plastics division, MaterialScience. On 01/09/2015, the operation and all employees of Bayer MaterialScience AG were transferred to Covestro Deutschland AG through a carve-out, and have operated under this new name since then.
Through the carve-out of its plastics division, the Bayer Group will be concentrating on the pharmaceutical and agrichemical divisions in future. Most recently, the entire company generated an annual turnover of EUR 40 billion, with a good EUR 11 billion attributable to the plastics division that was carved out and separated. The division currently had around 14,300 employees.
Group management wants to list Bayer MaterialScience on the stock market as an independent company as soon as possible.
Labour law counsel Bayer:
In-house law (Leverkusen): Ingo Nebel (taking the lead/Director labour law)
Seitz (Cologne): Dr. Stefan Seitz, Heinke von Netzer
Background:
The Bayer Group has been repeatedly advised and represented by Seitz for many years in individual labour law cases Seitz has been on Bayer's well-known panel of attorneys since 2012. Corporate law assistance in the separation of MaterialScience was provided by the English law firm, Linklaters, which is also listed on the Bayer panel of attorneys (JUVE-News 17/12/2014).