A polymer materials supplier has a new identity. Since Sept. 1, 2015, Bayer MaterialScience has been operating under the Covestro name. The company is now legally and economically independent but will remain a 100 percent 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.
“Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” says Covestro CEO Patrick Thomas. “Making the world a brighter place.”
Covestro has a new, colorful logo. Its vision is also new: To make the world a brighter place. “We fulfill this vision by inspiring innovation and driving growth through profitable technologies and products that benefit society and reduce environmental impacts,” says 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 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 much 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), Klaus Schaefer (Production and Technology) and Markus Steilemann (Innovation).