The story of Bayer originates from the friendship between two men, unlimited curiosity and two kitchen stoves. It was through this that merchant Friedrich Bayer and dyer Johann Friedrich Weskott carried out experiments and eventually discovered the process of making basic magenta dyes. On August 1, 1863, the two founded a 19th-century start-up company, "Friedr. Bayer et comp.", In the city of Wuppertal-Bamen with great potential.
1863–1881: early development
On August 1, 1863, the dye salesman Friedrich Bayer and the dyer Johann Friedrich Weskott co-founded "Friedr. Bayer et comp." At this stage, the company grew very rapidly. In 1881, Bayer transformed into a joint-stock company, laying the economic foundation for expansion.
1881-1914: Becoming a multinational corporation
Between 1881 and 1914, Bayer developed into a chemical company with a global presence. Although dye manufacturing remains the company's largest business, new businesses are constantly expanding. An important research facility built by Carl Duisberg is extremely important to ensure the company's continuous research and development capabilities.
1914-1925: World War I and its effects
Bayer's vigorous development had to be interrupted during the First World War. As the company was almost completely disconnected from its important export market, sales of dyes and prescription drugs also fell accordingly. Bayer was gradually involved in the war economy. In 1917, Bayer opened its third production plant in Germany in Dormagen.
1925–1945: IG Farbenindustrie AG
A community of interests has existed between Bayer, BASF and Agfa since 1905. To re-enter important export markets, the above and other German tar dye industry companies joined Carl Duisberg's initiative to form a larger community of interests between 1915 and 1916.
1945-1951: dissolution of IG and reorganization of Bayer
In November 1945, the Allies seized IG, and all factories were taken over by Allied officers. The company is about to disband and its assets will be used for war compensation. But this is far from the end of the story ...
1951-1974: Reconstruction and the "economic miracle"
Bayer's reconstruction is closely related to the "Wirtschaftswunder" of the Federal Republic of Germany. As a result of World War II, Bayer once again lost its overseas assets, including valuable patents. Bayer resumed overseas sales in 1946 while still under Allied control.
1974-1988: Oil crisis and mergers
The oil crisis that broke out in 1973/1974 completely ended the "economic miracle." When Herbert Grünewald succeeded Kurt Hansen as chairman of the board in 1974, the global economy was in a severe recession. In just a few months, the price of petroleum-based chemical raw materials has quadrupled.
1988-2001: Transformation and Globalization
Celebrating 100 years of aspirin ™. Like other companies, Bayer has stood the test of the challenges of globalization and structural change in the 1990s. Since 1989, radical political changes have taken place in Germany and Eastern European countries, and Bayer has increased its focus on these promising markets.
2001-2010: Group restructuring
Bayer celebrates the 100th anniversary of Bayer's corporate culture and cross logo. During this time, three new subgroups-Bayer Healthcare, Bayer CropScience and Bayer MaterialScience-were founded. Bayer splits LANXESS and acquires Schering.
2010-2016: Investing in the future
In 2013, Bayer celebrated its 150th anniversary worldwide. The company built an airship to be exhibited worldwide along with the 150th anniversary exhibition and celebrated together with German Federal Chancellor Angela Merkel. Bayer strengthened its oncology business by acquiring Algeta in 2014. In 2015, Subsidiary Materials Technology became an independent company, and the company name was changed to Covestro.
After all necessary regulatory approvals, Bayer successfully completed the acquisition of Monsanto on June 7, 2018.