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Covestro becomes legally independent

September 1, 2015
Chemical Value Chain

Bayer MaterialScience, one of the world’s leading polymer materials suppliers, as of 1 September 2015 operates under the Covestro name. The company is now legally and economically independent, but will remain a 100% subsidiary of Bayer. 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.

In 2014 the business had sales of €11.7 billion ($13.2 billion) ranking among the world’s largest polymer companies. Its activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions. 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 world and employed approximately 14,200 people at the end of 2014. Covestro, formerly Bayer MaterialScience, is a Bayer Group company.

“Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” said Covestro CEO Patrick Thomas. Covestro has a new logo and its vision is to make the world a brighter place, Thomas says. “We fulfill this vision by inspiring innovation and driving growth through profitable technologies and products that benefit society and reduce environmental impacts,” he says.

Covestro’s products include raw materials for 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 polycarbonates, which are used in automotive components, roof structures and medical devices. Its portfolio also includes specialty chemicals, such as raw materials for coatings, adhesives and films.

Covestro is managed by a four-member board of management: chaired by CEO Patrick Thomas and including Frank Lutz/finance, labor director; Klaus Schaefer/production and technology; and Markus Steilemann/innovation.

By Natasha Alperowicz

Source: Chemical Week

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