Bayer AG announced Thursday that it plans to put its material sciences segment on the stock market as a separate company.

The German company said it plans to focus “entirely on the life science businesses — health care and crop science.”

Bayer’s supervisory board unanimously approved the move. “Our intention is to create two top global corporations: Bayer as a world-class innovation company in the life science businesses, and MaterialScience as a leading player in polymers,” said CEO Marijn Dekkers in the official announcement.

The material science division produces plastics, coatings and chemicals used in foams, insulation, auto lights and DVDs. It has its North American headquarters in Robinson, Pennsylvania.

Bayer’s health care portfolio includes Bayer aspirin, Aleve, One-A-Day vitamins and other consumer brands and prescription medications.

Speculation about selling off the business isn’t new. Bayer spun out much of its specialty chemicals operations a decade ago into a new company, Lanxess.

In the Pittsburgh region, Bayer employs about 2,200 workers, including about 1,200 in Robinson and another 1,000 at a medical device business formerly known as Medrad. The company doesn’t maintain production facilities for material science in the region, but the segment’s North American executive staff and much of its research and development operation is based here.

Thursday morning’s announcement from Bayer said the plan is to float the material science business on the stock market as a separate company within 12 to 18 months.

The company said being separate would allow the material science unit to develop its own internal organization focused on its own needs, as well as be more flexible in coping with competition.