Bayer MaterialScience makes transformation to Covestro

Bayer MaterialScience has become a legally and economically independent company and is now operating under the new name ‘Covestro’.

With effect from 1 September, the global polymer materials supplier remains a 100 percent subsidiary of Bayer AG and will be floated on the stock market by mid-2016 as Bayer concentrates on its Life Sciences division.

“Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” said Covestro CEO, Patrick Thomas.

The company launched with completely new branding and logo, the bright colours of which are said to reflect the new company’s ethos of “making 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,” said Thomas.

Core products produced by Covestro  include raw materials for premium polyurethane foam, polycarbonates and specialty chemicals, including raw materials for coatings, adhesives and films.

Covestro is managed by a four-member board of management. Members of the Board chaired by CEO Patrick Thomas also include Frank H. Lutz (Finance), Dr. Klaus Schaefer (Production and Technology) and Dr. Markus Steilemann (Innovation).