Patrick Thomas, CEO of Bayer MaterialScience, introducing Covestro, the new brand of the company.
Bayer has announced that its MatrialScience business will soon be named Covestro.
The new name, Covestro, is made from a combination of words that reflect the identity of the new company; C and O, from collaboration, VEST, to show it is invested in state-of-the-art manufacturing and, STRO, to show the company is strong.
This change will be effective on September 1, 2015 and Bayer intends to float it on the stock market by mid-2016 at the latest.
Patrik Thomas, Chief Executive Officer of Bayer MaterialScience and CEO designate of Covestro, said: "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. Covestro represents a bold new direction and bright future for an innovation-driven polymers company."
Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech polymer materials. It hopes that by separating Covestro as a separate company there will be greater flexibility to pursue independent business goals.
Thomas said: "The platforms for this will include our leading market positions, favourable industry dynamics, our state-of-the art asset base with leading process technology, a portfolio including a high-value specialty business as well as an outstanding team of highly skilled and motivated employees."