Bayer AG intends to place a large part of its chemicals business - and some activities of Bayer MaterialScience - in a new company called "Lanxess," which will then be floated on the stock market. Since the announcement of the portfolio changes on Nov. 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 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 Wienkenhover. Shaping the company has largely been completed. This includes all decisions regarding its business and organizational structure, as well as the allocation of personnel. Bayer plans a virtual organization 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.