Lanxess to Float on the Stock Exchange

Details surrounding the separation of chemical supplier, Lanxess have been released. Until now Lanxess had belonged to Bayer AG. If the chemical supplier is floated on the stock exchange by the beginning of 2005, the company will receive an influx of capital from its parent company. This could help the company repair its credit rating. On the other hand, Lanxess has net debt of 1.5 billion euros. Lanxess’ turnover in the first half of 2004 was approximately 3.3 billion euro, the tyre industry is one of its most substantial customers.