Bayer MaterialScience unveils company’s new name ‘Covestro'

Bayer MaterialScience unveils company’s new name ‘Covestro'

5:21 AM, 2nd June 2015
Bayer MaterialScience unveils company’s new name ‘Covestro'
Patrick Thomas, chief executive officer, Bayer MaterialScience and CEO designate of Covestro. (File photo)

LEVERKUSEN, GERMANY: Bayer AG said that the new name of its MaterialScience business will be Covestro, effective 1 Sept and that it intends to float Covestro on the stock market by mid-2016 at the latest.

The plan for Bayer MaterialScience to become a separate company was announced in Sept 2014.

The name Covestro is made 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. It is strong in innovation, strong in the market and with a strong workforce. The name is part of Covestro’s corporate identity, which includes a distinctive new and colourful, vibrant brand.

“Covestro represents a bold new direction and bright future for an innovation-driven polymers company,” said Patrick Thomas, chief executive officer, Bayer MaterialScience and CEO designate of Covestro.

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

© Worldofchemicals News

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