Bayer AG is a German chemical and pharmaceutical giant that was founded in 1863 by Friedrich Bayer and Johann Friedrich Weskott. During World War II, Bayer was consolidated into the German chemical syndicate, IG Farben. In 1945, after World War II, the Allies dissolved IG Farben into three individual companies: Hoechst, Bayer, and BASF. In 1951 Bayer was re-established as a separate legal entity, Farbenfabriken Bayer Aktiengesellschaft. The current name, Bayer AG, was adopted in 1972. Bayer is now a highly diversified company that currently holds key positions in four main industries: healthcare, agriculture, polymers, and chemicals