Covestro up and running
- Leading materials manufacturer has new identity
- Stock market flotation by mid-2016 at the latest
One of the world’s leading polymer materials suppliers has a new identity. From September 1, 2015 Bayer MaterialScience is operating under the Covestro name. The day was marked with a logo unveiling, at the Covestro plant located at Greater Noida, by Mr. Ajay Durrani, Managing Director, Covestro India Private Limited and Mr. Richard van der Merwe, Deputy Chairman & Managing Director, Bayer Group in India.The company is now legally and economically independent, but will remain a 100 per cent 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.
Making the world a brighter place
Covestro has a new, colorful 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.
Speaking at the logo unveiling in Greater Noida, Mr. Ajay Durrani, Managing Director of Covestro (India) Private Limited said: “We are extremely excited to venture into a bold new direction with Covestro. The name is part of Covestro’s corporate identity, which includes a distinctive new and colorful, vibrant brand. We are committed to delivering value to our customers, and other stakeholders with the new brand identity. We look forward to building a successful future for Covestro in India with our loyal and dedicated employees.”
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 urbanization to population growth and demographic change.
Versatile products for key industries
Products include raw materials for premium polyurethane foam, which in the form of flexible foam 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 plastic 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).
Covestro in India, is headquartered in Navi Mumbai. The Company’s Greater Noida production site, near New Delhi, is home to the EcoCommercial Building, the Polyurethanes Systems House and the Polycarbonates Color Competence and Design Center. Built with an investment of Euro 5 million, the “EcoCommercial Building” is a lighthouse project of the integrated, Group-wide Bayer Climate Program which was launched at the end of 2007. The EcoCommercial Building is an office building that showcases how the former Bayer MaterialScience addresses the issues of making a sustainable building.
Covestro sees India as a major growth market in the APAC region. The Company has an aromatic and aliphatic polyisocyanate (PIC) manufacturing facility in Ankleshwar, Gujarat. This is the only one of its kind in India. Covestro also has a production facility in Cuddalore for Thermoplastic Polyurethanes. There is an Applications Development Lab for Coatings, Adhesives & Specialties in Mumbai and a Regional Technical Training Center for the APAC region in Chennai.
About Covestro AG
With 2014 sales of EUR 11.7 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and sports and leisure industries. The Covestro group has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014. Covestro, formerly Bayer MaterialScience, is a Bayer Group company.
This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.