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Bayer MaterialScience becomes independent under Covestro name

The company is now legally and economically independent, but will remain a 100% subsidiary of Bayer AG.

3rd September 2015

Innovation in Textiles
 |  Pittsburgh, PA

Sports/​Outdoor, Transport/​Aerospace, Clothing/​Footwear, Sustainable, Interiors, Construction, Industrial, Civil Engineering

The company is now legally and economically independent, but will remain a 100% 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, the company reports.

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

New vision

Covestro has a new, colourful logo, which is said to correspond with the company’s new vision. “We fulfil 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.

Products for key industries

Products developed by the manufacturer include raw materials for premium polyurethane foam, which in the form of flexible foam is used primarily in furniture, mattresses and automobile seats; as rigid foam, it serves to insulate buildings and refrigeration equipment.

Covestro produces high-performance polycarbonates, which are also very versatile materials for automotive components, roof structures, medical devices and 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).

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