One of the world’s leading suppliers of polymer materials has a new identity. On 1 September, Bayer MaterialScience announced it is operating under a new name – Covestro. The company is now legally and economically independent, but will remain a 100 per cent subsidiary of Bayer. By mid-2016 at the latest, Bayer wants to float Covestro on the stock market in order to concentrate exclusively on the life sciences businesses.
A brighter global focusSavannah Fine Chemicals will continue to represent Covestro throughout southern Africa.
Covestro CEO, Patrick Thomas comments: ‘Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly.’
In line with its colourful new logo, Covestro also has a new vision: ‘to make the world a brighter place’.
‘We fulfill this vision by inspiring innovation and driving growth through profitable technologies and products, which benefit society and reduce environmental impacts,’ he adds.
Covestro supplies key industries around the world, such as the personal care, 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 major global challenges, from climate change and resource depletion, to increasing mobility, urbanisation, population growth and demographic change.
Versatile solutions for key industries
Covestro’s portfolio includes specialty chemicals, including raw materials for coatings, adhesives and films.
Its Baycusan polymers are the ideal foundation for innovative sun care, skin care, hair care and colour cosmetics product lines. They are said to be environmentally friendly, preservative-free and are particularly easy to process.
Covestro is managed by a four-member board of management. Members of the board, chaired by CEO Patrick Thomas, include Frank H. Lutz (finance, labour director), Dr Klaus Schaefer (production and technology) and Dr Markus Steilemann (innovation).