Bayer Taps Dekkers Thermo Fisher Scientific (NYSE: TMO) for Portfolio Skills
Ft Lauderdale, Florida 11/30/2009 09:50 PM GMT (TransWorldNews)
The Dutchman and CEO of Thermo Fisher Scientific (NYSE: TMO) the world’s biggest producer of laboratory instruments, beat internal candidates for the job because of his track record for portfolio management, capital market experience and ability to steer complex organizations, Wenning told journalists at Bayer’s headquarters in Leverkusen last night. “When I met him the first time, I went home at night and told my wife, ‘I saw my successor today,’” said Wenning, who has led Bayer since April 2002. “It was the feeling that he fits us.” That was in January and about six months after Bayer had assembled a list of potential internal and external candidates for Wenning’s job. Dekkers, 52, who will join Jan. 1 as head of Bayer’s health-care division before taking the helm in October, will be the first outsider to lead the 146-year-old company. His appointment has led some analysts to suggest the move may herald the split of the largest remaining European drugs and chemicals conglomerate or a sale of Bayer.
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The plastics unit is among the biggest makers of polycarbonates used in CDs, and polyurethanes, foam-like materials that go into consumer products like upholstery and shoes. Dekkers used a $10.6 billion takeover in 2006 to mold Thermo into the world’s biggest maker of laboratory instruments. The Waltham, Massachusetts-based company also sells chemicals, consumables, software and services. “Dekkers wasn’t chosen because he said he’d sell Bayer MaterialScience,” Wenning said. Bayer isn’t committed to any of its units indefinitely, he said. “I’ve never said of any business that it would always stay with us.” Bayer’s three units -- plastics, crop chemicals and drugs - - remain “core businesses,” Wenning said. While Bayer will continue to focus on lowering its net financial debt, reduced by 1 billion euros to 10.7 billion euros as of Sept. 30, the company doesn’t rule out larger acquisitions, Wenning said. “If there are reasonable assets in the market, we’ll look at them.” Bayer would consider deals for its drugs unit, Wenning said. He said Bayer’s animal-health business and the crop treatment’s bioscience segment are areas in which takeovers would make sense. When Bayer announced the management changes in September, it said Wenning’s contract will be extended by eight months to October. Wenning had initially planned to leave sooner. He decided to stay longer to “smooth the transition” after finance chief Klaus Kuhen informed the company of his decision to take early retirement in April.
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