Bayer AG plans to spin off its plastics unit, accelerating its retreat from the chemicals industry after 151 years to focus on more lucrative life- sciences businesses.

The decision by the management board is subject to approval by the supervisory board, the Leverkusen, Germany-based company said in a statement today. Bayer was reviewing options for Bayer MaterialScience after chemicals company Evonik Industries AG showed potential interest, Bloomberg News reported in April, citing people with knowledge of the matter.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.