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Bayer MaterialScience Gets New Name

Monday, June 8, 2015

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LEVERKUSEN, GERMANY--Bayer MaterialScience, the world's largest producer of raw materials for polyurethanes, is changing its name to Covestro ahead of courting investors for its planned spinoff next year.

The new name, effective Sept. 1, 2015, embodies a "new, colorful and vibrant" identity, according to Bayer Group.

The company explains the meaning behind the selection: "Co" as in collaboration; "vest" as in well invested in state-of-the-art manufacturing facilities; and "stro" as in strong.

PatrickThomas
Photos: Bayer MaterialScience

The Covestro name, effective Sept. 1, shows that Bayer MaterialScience is "strong in innovation, strong in the market and with a strong workforce," said CEO Patrick Thomas.

The new moniker will show that the company "is strong in innovation, strong in the market and with a strong workforce," the company announced Monday (June 1).

Spin-off

Bayer announced in September that it would be retraining its corporate focus entirely on its HealthCare and CropScience businesses and would float MaterialScience on the stock market as a separate company.

“Our intention is to create two top global corporations: Bayer as a world-class innovation company in the Life Science businesses, and MaterialScience as a leading player in polymers,” Bayer CEO Dr. Marijn Dekkers said at the time.

MaterialScience was established in 2004 as a legally independent subgroup of Bayer, although the company's chemicals and plastics activities date to the early 20th century.

Over the past century-plus, the business's scope has included rubber, polyurethanes, polycarbonates, petrochemicals, furniture and garment foams, rigid foam insulation for cooling devices, plastic automotive parts, and even audio CD materials.

The division's name dates only to 2004, but Bayer MaterialScience's products and activities extend back to 1906. Today, BMS is the top global producer of raw materials for polyurethanes.

Bayer MaterialScience is now the world's largest producer of raw materials for polyurethanes.

What's in a Name

Newly rechristened, the business will head for the stock market by mid-2016 at the latest, the company said this week.

When it does, it will carry a "colorful identity and positive vision," says Patrick Thomas, CEO of Bayer MaterialScience and CEO-designate of Covestro.

Thomas said the separation would give the new company greater flexibility to pursue its business goals independent of Bayer, which employed 118,900 people and had sales of $47.4 billion in 2014.

“Covestro represents a bold new direction and bright future for an innovation-driven polymers company,” said Thomas.

...We chose Covestro because it reflects the exciting opportunity we will have to deploy our strengths even more rapidly, effectively and flexibly in the global competitive arena."

   

Tagged categories: Bayer; Bayer MaterialScience; Business operations; Coatings raw materials manufacturers; Covestro; Polyurethane

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