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Bayer renames MaterialScience business as Covestro

05 Jun '15

2 min read

Bayer has renamed its MaterialScience business as Covestro and will be come in to effect from September 1, 2015, an announcement which was made by Bayer earlier in September 2014.

“Additionally, Bayer intends to come out with a public issue of Covestro by mid-2016 at the latest,” a press release from Bayer informed.

According to Bayer, the name Covestro comes from a combination of words that reflect the identity of the new company.

The letters C and O come from collaboration, while Vest signifies the company is well invested in state-of-the-art manufacturing facilities.

“The final letters, Stro, show the company is strong in innovation, market and also in its workforce,” Bayer added.

"Covestro represents a bold new direction and bright future for an innovation-driven polymers company," said Patrick Thomas, CEO at Bayer MaterialScience.

"We are a company that is underpinned by strong and experienced management with a proven track record of excellence and full commitment to value creation,” he added.

“We have loyal and dedicated employees with whom we are confident we can build our future success," Thomas informed.

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

The new name is part of a brand and identity that is the result of listening to its customers, employees and others close to its business.

Thomas said that being separate would give the new company greater flexibility to independently pursue its business goals.

Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech polymer materials. In fiscal 2014, the Bayer Group employed 118,900 people and had sales of €42.2 billion and capex amounted to €2.5 billion while R&D expenses totaled €3.6 billion. (AR)

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