As of September 1, 2015, Bayer MaterialScience has been operating under the Covestro name
Covestro is the new name of Bayer MaterialScience
The company is now legally and economically independent but will remain a 100% subsidiary of Bayer AG.
Covestro produces high-performance polycarbonates which are versatile materials for medical devices.
The company also produces specialty chemicals, including raw materials for coatings, adhesives and films.
Bayer intends to float Covestro on the stock market by mid-2016 at the latest in order to concentrate exclusively on the life sciences businesses.
Covestro CEO Patrick Thomas, said: “Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly.”