Bayer (Leverkusen, Germany) announced on June 1 that the new name of its MaterialScience business will be Covestro. The new name will be effective Sept. 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.
Bayer says 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,” says 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 adds.
“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,” says 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.”