Bayer ABS Limited has been re-named as Lanxess ABS Limited. This was announced at a press conference in Mumbai on April 28. The renaming was approved in the Annual General meeting by the shareholders of the company on the previous day.
In the erstwhile Bayer ABS, Bayer AG held a 51 per cent interest since 1997. However as a part of the global re-alignment of the Bayer group, the majority interest previously held by Bayer was transferred to the new company Lanxess.
Rakesh Agrawal, the Managing Director of the company, said, "We are leaving the Bayer world to join Lanxess and we are pleased to be a part of this dynamic group of companies. We believe that we are in a position to continue our corporate expansion as a part of the Lanxess group. We are firmly established in the market, our customer relations are strong and hold potential for further development."
Lanxess is a leading producer of Engineering Thermoplastics with a market share of more than 60 per cent. It is a preferred supplier to all Original Equipment Manufacturers in India.