Former Bayer MaterialScience is now officially Covestro AG
One of the world’s leading polymer materials suppliers has a new identity: Covestro AG, the former Bayer AG MaterialScience business, has officially adopted its new name.
From September 1, 2015, Bayer MaterialScience is operating under the Covestro name. The company is now legally and economically independent, but will remain a 100 per cent subsidiary of Bayer AG. 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.
Covestro is headquartered in Leverkusen, Germany. It makes a range of raw materials used in both flexible and rigid foams, polycarbonate used in the auto and medical device industries and in coatings, adhesives and films.
The name change was first announced in June. At the time, Bayer said 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.”
The Covestro group has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014.