Bayer MaterialScience to become Covestro

Bayer has announced that the new name of its MaterialScience business will be Covestro, with the change effective from September 1, 2015.

Bayer says it intends to float Covestro on the stock market by mid-2016 at the latest.

The company announced its intentions to divest the MaterialScience business in September 2014.

The name Covestro, says Bayer, 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, says Bayer.

“Covestro represents a bold new direction and bright future for an innovation-driven polymers company,” said Patrick Thomas, Chief Executive Officer of Bayer MaterialScience and CEO designate of Covestro.

“We are a company that is underpinned by strong and experienced management with a proven track record of excellence and full commitment to value creation. We have loyal and dedicated employees with whom we are confident we can build our future success,” he added.

The name, says Bayer, is part of Covestro’s corporate identity, which includes a “distinctive, new and colourful, vibrant brand.”

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 added.