On Wednesday, Bayer announced that it was exploring splitting off either the diversified group’s Consumer Health or Crop Science divisions, however it ruled out performing a three-way split.

In a statement, new CEO Bill Anderson said, “We considered simultaneously splitting the company into three businesses. We’re ruling that option out.” He added that it was possible the company could decide to simply maintain three divisions, including its prescription drug business.

The German biosciences giant, which produces everything from pharmaceuticals to seeds and farming chemicals, added that it would be eliminating several layers of management, to speed up decision-making, a development which was reported by Reuters in September.

In the statement, the company said, “By the end of next year, Bayer will remove multiple layers of management and coordination.”

The company reaffirmed its full year outlook in the statement as it reported that earnings before interest, taxes, depreciation and amortization (EBITDA), for the third quarter, adjusted for one-offs, fell dropped 31.3% to 1.685 billion euros, due to lower earnings at the firm’s Crop Science division.

That was just short of the average analyst estimate of 1.725 billion euros which the company had posted on its website.