June 01, 2015
Bayer MaterialScience to be called Covestro
Flotation planned by mid-2016 at the latestLeverkusen, June 1, 2015 - Bayer has announced that the new name of its
MaterialScience business will be Covestro. It will be effective on September 1,
2015. Bayer 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 September 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.
"Covestro represents a bold new direction and bright future for an
innovation-driven polymers company," said Patrick Thomas, Chief Executive
Officer of Bayer MaterialScience and CEO designate of Covestro. "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. We have loyal
and dedicated employees with whom we are confident we can build our future
success," he added. The name is part of Covestro's corporate identity, which
includes a distinctive new and colorful, vibrant brand.
"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," said Thomas. "The new name is part of a brand and identity
that is the result of listening to our customers, employees and others close to
our business, and which reflects our innovation, talent and big thinking. I am
absolutely convinced that our colorful identity and positive vision will help
inspire and motivate us on our new path to the future."
Thomas said that being separate would give the new company greater flexibility
to independently pursue its business goals. "The platforms for this will
include our leading market positions, favorable 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," he said.
Bayer: Science For A Better Life
Bayer is a global enterprise with core competencies in the fields of health
care, agriculture and high-tech polymer materials. As an innovation company, it
sets trends in research-intensive areas. Bayer's products and services are
designed to benefit people and improve their quality of life. At the same time,
the Group aims to create value through innovation, growth and high earning
power. Bayer is committed to the principles of sustainable development and to
its social and ethical responsibilities as a corporate citizen. In fiscal 2014,
the Group employed 118,900 people and had sales of EUR 42.2 billion. Capital
expenditures amounted to EUR 2.5 billion, R&D expenses to EUR 3.6 billion. For
more information, go to www.bayer.com.
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