Rumors about a possible spin-off of Bayer’s crop sciences division were kicked up once again after an ag magazine printed an online article speculating on the topic. However, speaking at an expo in Fargo, North Dakota this week, a Bayer spokesperson set the record straight.
“There were some ag trade media that published some stories on whether there was going to be split off. Whether we’re going to be spun off, or sold, all those kinds of things,” said Brent Boydston, Corn, Cereal Grains, Digital Agriculture, and Carbon Lead at Bayer Crop Science. “Those were a repackage, if you will, of previous comments that our new CEO has made.”
Boydston was a speaker at the North Dakota Agricultural Association Agribusiness Expo and while taking questions from the audience, he addressed the speculation. He explained that a new CEO was hired this year, following the retirement of his predecessor. During an early meeting with investors, CEO Bill Anderson was asked about spinning off divisions. He answered that he was going to look at everything and evaluate where everything was at. Boydston said Anderson is currently working on implementing a new management structure.
“He’s dedicated to getting that through the process, and then likely reevaluating things then,” Boydston said. “But right now, everything that I’ve seen, everything that I’ve heard says that Bayer is going to stay one company. We’re going to be Consumer, we’re going to be Crop Science, and we’re going to be Health.”
Boydston said there doesn’t seem to be any interest in spinning things off.