Covestro up and running
Former Bayer MaterialScience now legally and economically independent
Leading materials manufacturer has new identity / Stock market flotation by mid-2016 at the latest
One of the world's leading polymer materials suppliers has a new identity. 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 percent 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.
"Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly," said Covestro CEO Patrick Thomas.
"Making the world a brighter place"
Covestro has a new, colorful logo. Its vision is also new: "To make 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.
Covestro supplies key industries around the world, such as the automotive, construction and electronics sectors, as well as the furniture, sporting goods and textiles industries. With its products and applications solutions, the company is helping to meet the major challenges of our time, from climate change and resource depletion, increasing mobility and urbanization to population growth and demographic change.
Versatile products for key industries
Products include raw materials for premium polyurethane foam, which in flexible form is used primarily in furniture, mattresses and automobile seats; as rigid foam, it serves to insulate buildings and refrigeration equipment. Covestro also produces high-performance polycarbonates, which are also very versatile materials for automotive components, roof structures, medical devices and much more. Rounding out the portfolio are 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, Labor Director), Dr. Klaus Schaefer (Production and Technology) and Dr. Markus Steilemann (Innovation).
With 2014 sales of EUR 11.7 billion, Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and sports and leisure industries. The Covestro group has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014. Covestro, formerly Bayer MaterialScience, is a Bayer Group company.
This release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available on the Covestro website at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.