Werner Baumann, the chief executive officer of German based pharmaceutical and life sciences company manufacturing biotechnology products, agricultural chemicals and seeds Bayer AG (ETR: BAYN) says that the company is in no way considering splitting its three main business into separate publicly traded companies.
“We are going to continue the course, which is developing our company along the three pillars that we have pharmaceuticals, crop science and consumer health,” said the CEO.
The CEO made these remarks during an interview with Bloomberg as a reply to increasing rumors and pressure that the company is on the process of breaking up its businesses. Baumann affirmed that the company will continue to exist as three units under the same management.
According to the CEO this is also the stand of the company’s supervisory board as it has confirmed its support on the matter.
The company has been facing pressure to emulate other companies like U.S based pharmaceutical company Johnson & Johnson (NYSE: JNJ), General Electric (NYSE: GE) and Japanese diverse company Toshiba Corp. (TYO: 6502) which have separated their units so as to give more focus and simplify their company structures.
“What’s right for one company is not necessarily the right thing for the other company,” added the CEO.