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
The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.
The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.
Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.
