Germany based Bayer AG has replaced the name of Bayer MaterialScience, a supplier of polymer materials to Covestro from September 1, 2015.
“The company is now legally and economically independent, but will remain a 100 per cent subsidiary of Bayer AG,” Bayer said in a press release.
According to the press release, Bayer wants to float Covestro on the stock market by mid-2016 at the latest in order to concentrate exclusively on the life sciences businesses.
“Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” said Covestro CEO Patrick Thomas.
Covestro has a new, colorful logo, while its vision is ‘To make the world a brighter place’.
“We fulfill this vision by inspiring innovation and driving growth through profitable technologies and products that benefit society and reduce environmental impacts,” Thomas added.
Covestro supplies key industries around the world, such as the automotive, construction and electronics sectors, as well as the furniture, sporting goods and textiles industries.
Bayer added that products and applications solutions from Covestro help meet major challenges of climate change, resource depletion, increase mobility, urbanisation, population growth and demographic change.
Products include raw materials for premium polyurethane foam, which in flexible form is used primarily in furniture, mattresses and automobile seats and as rigid foam, serves to insulate buildings and refrigeration equipment.
Covestro also produces high-performance polycarbonates, which are also very versatile materials for automotive components, roof structures, medical devices and much more.
“Rounding out the portfolio are specialty chemicals, including raw materials for coatings, adhesives and films,” it informed.
Covestro is managed by a four-member board of management, including CEO Patrick Thomas, Frank Lutz – finance and labour director, Klaus Schaefer – production and technology and Markus Steilemann – innovation.
With 2014 sales of €11.7 billion, Covestro is among the world’s largest polymer companies and has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014. (AR)