New name for independent Bayer MaterialScience
02/09/2015
Parent company Bayer said on announcing the development that it intends to float Covestro on the stock market by mid-2016 at the latest, allowing Bayer “to concentrate exclusively on the life sciences businesses”.
Coverstro chief executive, Patrick Thomas, said at the time of the unveiling of the company’s new identity: “Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly.”
Sporting goods and textiles will remain among the target markets for Covestro’s products and applications, including its raw materials for polyurethane foam, high-performance polycarbonates and specialty chemicals, including raw materials for coatings, adhesives and films.
The parts of Bayer’s business that now make up Covestro achieved sales of €11.7 billion in 2014 and employed 14,200 at 30 production sites at the start of 2015. Its headquarters are in Leverkusen in Germany.
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