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Bayer extends CEO contract

September 16/2020

MOSCOW (MRC) -- Bayer says that its supervisory board has unanimously decided to extend the contract of Werner Baumann, CEO and chairman of the management board at Bayer, until 30 April 2024, said Chemweek.

Baumann has been the companys CEO and chairman since May 2016 and his contract was due to expire at the 2021 annual stockholders meeting.

The main issues that Baumann will have to deal with in the next three and a half years of his tenure include overcoming the effects of the coronavirus crisis, setting the course for profitable growth after patent expirations for important products of the pharmaceuticals division, building on the leading position of the crop science business through innovation, digitalization, and sustainability, accelerating growth at consumer health, and systematically continuing the efficiency and structural programs," the company says.

Meanwhile, Bayer has announced that progress has been achieved with plaintiffs class counsel on a revised class plan to manage and resolve potential future Roundup claims. The details of the revised class plan will be finalized over the coming weeks and a motion for preliminary approval will be filed on completion of the formal agreement, the company says. Bayer says it will proceed on an accelerated basis to finalize the preliminary agreements to resolve the current cases and claims that were announced on 24 June, as long as resolution can be reached on reasonable financial terms and addresses current and potential future claims. 

As MRC wrote before, Covestro has closed the sale of its European polycarbonates (PC) sheets business to the Munich-based Serafin Group effective January 2, 2020. This includes key management and sales functions throughout Europe as well as production sites in Belgium and Italy.

Covestro (formerly Bayer MaterialScience) is an independent subgroup within Bayer. It was created as part of the restructuring of Bayer AG from the former business group Bayer Polymers, with certain of its activities being spun off to Lanxess AG. Covestro manufactures and develops materials such as coatings, adhesives and sealants, polycarbonates (CDs, DVDs), polyurethanes (automotive seating, insulation for refrigerating appliances) etc.

According to MRC's ScanPlast report, Russia's overall estimated consumption of PC granules totalled 47,300 tonnes in the first two quarters of 2020 (excluding imports and exports to/from Belarus), compared to 40,700 tonnes a year earlier. Demand increased by 16% year on year.
Author:Anna Larionova
Tags:petroleum products, PK, PC granules, PC compounds, petrochemistry, Bayer, Covestro.
Category:General News
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