Germany-based Bayer AG has spun off Bayer MaterialScience into a legally and economically independent subsidiary known as Covestro AG. “Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” said Patrick Thomas, CEO, Covestro.
Covestro will continue to focus on the life sciences businesses including raw materials for foam; high-performance polycarbonates; and specialty chemicals such as raw materials for coatings, adhesives and films. Bayer plans to float the subsidiary on the stock market in mid-2016.
Covestro’s new logo is accompanied by the vision “To make the world a brighter place.”