Bayer MaterialScience is now Covestro

Bayer has announced that its MaterialScience business will be called as Covestro with effective from September 1, 2015. Bayer intends to float Covestro on the stock market by mid-2016 at the latest. The plan for Bayer MaterialScience, a leading supplier of high-tech polymers, to become a separate company was announced in September 2014.
 
The name Covestro is made from a combination of words that reflect the identity of the new company. The letters C and O come from collaboration, while ‘vest’ signifies the company is well invested in state-of-the-art manufacturing facilities. The final letters, ‘stro’, show the company is strong. It is strong in innovation, strong in the market and with a strong workforce.
 
“Covestro represents a bold new direction and bright future for an innovation-driven polymers company. We chose Covestro because it reflects the exciting opportunity we will have to deploy our strengths even more rapidly, effectively and flexibly in the global competitive arena,” said Patrick Thomas, chief executive officer of Bayer MaterialScience and CEO designate of Covestro.
 
Thomas said that being separate would give the new company greater flexibility to independently pursue its business goals. “The platforms for this will include our leading market positions, favourable industry dynamics, our state-of-the art asset base with leading process technology, a portfolio including a high-value specialty business as well as an outstanding team of highly skilled and motivated employees,” he said.