Covestro now up and running

It’s official: as of today, Bayer MaterialScience is no more. The company, one of the world’s major polymer materials suppliers, and sporting a new, colorful logo, will henceforth operate independently—legally and economically—under the name Covestro. Covestro will remain a 100% subsidiary of Bayer AG, with headquarters in Leverkusen, Germany.

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

With sales of more than €11bn in 2014 and nearly 17,000 employees, Covestro is a global player in the field of polymers. It has around 30 sites throughout Europe, Asia and America, eight of which are world-scale production facilities. In addition, there are dozens of smaller more specialized technical centers around the world, providing personalized support and customized solutions.

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. In line with its brand-new vision: “To make the world a brighter place," Covestro aims to seek sustainable product and application solutions for today’s major challenges, such as climate change, resource scarcity, population change and urbanization.

“We fulfill this vision by inspiring innovation and driving growth through profitable technologies and products that benefit society and reduce environmental impacts,” said Thomas.

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).

Bayer aims to float Covestro on the stock market by mid-2016, at the latest in order to concentrate exclusively on the life sciences businesses.