NewCo to be named LANXESS

Bayer AG intend to place a large part of their chemicals business and some activities of Bayer MaterialScience in a new company named Lanxess, which will then be floated on the stock market. Since the announcement of the portfolio changes on November 7, 2003, the activities involved in creating and establishing this new company have been performed under the provisional project name of NewCo. The name Lanxess is intended to communicate the international significance of the future chemicals enterprise, which will be among the global leaders in its sector. 'We believe that the name is goal-oriented and forward-looking', said Dr Axel C Heitmann, ceo designate of Lanxess, following the vote on the name, which was also approved by the Bayer Management Board. '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'. The decision was preceded by an extensive creative and review process. 1,000 employees of the future company submitted a total of 1,200 suggestions, which were supplemented by a further 2,500 from a specialist agency. Every suggestion was reviewed against a large number of criteria including linguistic appropriateness, pronounceability, recognition value, attractiveness, uniqueness and connotation in the languages of those countries in which Lanxess will operate. The suggestions remaining at the end of the review process were then measured against the future company's clearly defined corporate philosophy and its intended goals and values. Of course, the number of candidates was reduced at each hurdle. Following the final legal review in respect of trademark availability and competitive aspects, the original list of 3,700 suggestions had been whittled down to just three. The designated management board chose Lanxess. The process of establishing the new company is running to schedule. The future management board of Lanxess has been designated and comprises Dr Axel C Heitmann (ceo), Matthias Zachert, Dr Ulrich Koemm, Bruce Olson and Dr Martin Wienkenhöver. Shaping the company has largely been completed. This includes all decisions regarding its business and organisational structure, as well as the allocation of personnel. Bayer plan a virtual organisation for the activities concerned by July 1, allowing Lanxess to then operate largely as an independent unit and be placed on the stock market by early 2005 at the latest.