BMS now Covestro; to be floated in 2016

One of the world’s leading polymer materials suppliers has a new identity. From 1 September, Bayer MaterialScience (BMS) is operating under the Covestro name. The company is now legally and economically independent, but will remain a 100% subsidiary of Bayer AG. Bayer wants to float Covestro on the stock market by mid-2016 at the latest in order to concentrate exclusively on the life sciences businesses.

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

Covestro has a new, colourful logo. Its vision is also new: “To make the world a brighter place.” “We fulfill this vision by inspiring innovation and driving growth through profitable technologies and products that benefit society and reduce environmental impacts,” said Thomas.

Covestro supplies key industries around the world, such as the automotive, construction and electronics sectors, as well as the furniture, sporting goods and textiles industries. With its products and applications solutions, the company is helping to meet the major challenges of our time, from climate change and resource depletion, increasing mobility and urbanisation to population growth and demographic change.

Products include raw materials for polyurethane foam, which in flexible form is used primarily in furniture, mattresses and automobile seats; as rigid foam, it serves to insulate buildings and refrigeration equipment. Covestro also produces polycarbonates for automotive components, roof structures, medical devices and much more. Rounding out the portfolio are speciality chemicals, including raw materials for coatings, adhesives and films.

Covestro is managed by a four-member board of management. Members of the Board chaired by CEO Patrick Thomas also include Frank H. Lutz (Finance, Labour Director), Dr. Klaus Schaefer (Production and Technology) and Dr. Markus Steilemann (Innovation).