The German chemical and pharmaceutical company Bayer plans to restructure. The corporation wants to “focus on what’s important and get rid of everything else.” These intentions were driven by management’s dissatisfaction with current financial performance.
Bayer plans to split the business. At the moment, experts are considering several restructuring options, said Bayer CEO Bill Anderson. Bayer wants to focus on what’s important to the corporation and get rid of everything else, Anderson said.
Bayer currently produces prescription and over-the-counter medicines, as well as plant protection products and seeds. One restructuring option is to spin off fertilizer production into an independent company.
Plans to restructure the business arose from Bayer’s management’s discontent with current financial results. Bayer’s net loss in the third quarter of 2023 amounted to €4.57 billion.
Author:
Kirill Bilyk
Source: RB
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