Bayer MaterialScience to become Covestro
June 2, 2015 by Canadian Plastics
The name change becomes effective on September 1, 2015.
Bayer intends to float Covestro on the stock market by mid-2016 at the latest. The plan for Bayer MaterialScience to become a separate company was announced in September 2014.
According to Bayer, 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,” Bayer said. “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,” said Patrick Thomas, CEO of Bayer MaterialScience and CEO designate of Covestro. “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. The new name is part of a brand and identity that is the result of listening to our customers, employees and others close to our business, and which reflects our innovation, talent and big thinking.”
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, favorable 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.