First Step In Hoechst's Pharma Spin-off
German chemical and pharmaceutical group Hoechst is to spin off its pharmaceuticals business into an independent legal entity to be known as Hoechst Marion Roussel Deutscheland. The new entity will bring together all pharmaceutical activities in Germany, and will be converted into an independent legal entity at a date not yet specified by the company.
There has been talk of the split for some time, provoked by comments from Hoechst's chairman Jurgen Dormann earlier this year (Marketletters passim). It is thought that the pharmaceutical separation should be completed by May 1997.
HMRD will have its own department for sales and marketing, finance and accounting, human resources, manufacturing, active ingredients, production, logistics, information technology as well as R&D. The company said that the spin-off of the German business is a step toward the planned separation of the global pharmaceutical business.
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