BMS officially changes name to Covestro

Leverkusen, Germany – Covestro, the new name for Bayer’s former MaterialScience business, was officially adopted on 1 Sept.

The company is now legally and economically independent, but will remain a 100% subsidiary of Bayer.

Bayer plans to float Covestro on the stock market by mid-2016 at the latest in order to concentrate exclusively on its life sciences businesses.

Covestro chief executive Patrick Thomas said: “Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly.”

With sales in 2014 of €11.7bn, Covestro is among the world’s largest polymer companies, with a focus on the automotive, electrical and electronics, construction and sports and leisure industries.

Products include raw materials for premium polyurethane foam, which in flexible form is used primarily in furniture, mattresses and automobile seats.

Covestro also produces high-performance polycarbonates, which are also very versatile materials for automotive components, roof structures and medical devices. Rounding out the portfolio are speciality chemicals, including raw materials for coatings, adhesives and films.

The Covestro group has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014.