Bayer Material Science BMS Becomes Covestro: Going public in 2016
A new name for one of the leading polymer specialists: Bayer divests plastics business Material Science under the new name Covestro. An initial public offering on the stock markets is planned for 2016.
Leverkusen/Germany – From September 2015 on, Bayer Material Science is operating under the Covestro name. The company is now legally and economically independent, but will remain a 100 percent subsidiary of Bayer. 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 supplies key industries around the world, such as the automotive, construction and electronics sectors, as well as the furniture, sporting goods and textiles industries. Products include raw materials for premium 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 high-performance polycarbonates, which are also very versatile materials for automotive components, roof structures, medical devices and much more. Rounding out the portfolio are specialty 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, Labor Director), Dr. Klaus Schaefer (Production and Technology) and Dr. Markus Steilemann (Innovation).