Germany’s Bayer Group has announced plans to strengthen its ‘core’ life science businesses through a range of portfolio, efficiency and structural measures.
These changes will see the company exit the Animal Health business as well as sell its consumer health brands Coppertone and Dr. Scholl’s.
The significant changes were agreed at a meeting of the Supervisory Board of Bayer AG, where the plans laid out by the Board of Management were discussed and unanimously expressed their support.
“We have made very good progress with Bayer’s strategic development in recent years. As we now proceed with these measures, we are laying the foundation to sustainably enhance Bayer’s performance and profitability,” said Werner Baumann, Chairman of the Board of Management of Bayer AG.
“With these measures, we are positioning Bayer optimally for the future as a life science company.”
According to an announcement from Bayer, the company intends to advance the portfolio measures in 2019. The planned exit from Dr Scholl and Coppertone is apparently the driven by the believe that the brands have ‘more favourable development potential outside of Bayer’.
“Through these moves, the company intends to focus on driving profitable growth in its core Consumer Health categories,” the company statement reads.