Bayer of Leverkusen, Germany, has announced that the new name of its MaterialScience business, which produces silicon resins for LED packaging, will become an independent company called Covestro as of September 1, 2015. Bayer plans to offer common stock in Covestro by mid-2016 at the latest. Bayer announced the plan for Bayer MaterialScience to become a separate company back in September 2014.
Bayer points out that the name Covestro combines words that reflect the new company’s identity. The letters C and O come from collaboration. VEST denotes that the company is well invested in state-of-the-art manufacturing facilities. The final letters,
STRO, show that the company is strong in terms of innovation, its workforce, and its market position.
“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 chose
“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 reflects our new company name unveiled: 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 pointed out that separating the business would give the new company greater flexibility to independently pursue its business goals.