Bayer MaterialScience, one of the leading global polymer materials suppliers, has begun operating under the name Covestro, from 1 September, 2015. Covestro is now legally and economically independent, but will remain a 100 % subsidiary of Bayer AG. Covestro is expected to be listed on the stock market by mid-2016, in order to concentrate exclusively on the life sciences business, the company noted. Covestro has a new logo, with a new vision, ‘To make the world a brighter place.’
Covestro supplies key industries around the world, including automotive, construction, electronics, furniture, sporting goods and textiles industries. The company said it is helping to meet the major challenges that are currently present, with its products and applications solutions. These challenges range from climate change, resource depletion, increasing mobility and urbanisation to population growth and demographic change, Covestro noted. The company’s products include raw materials for premium polyurethane foam, high-performance plastic polycarbonates and specialty chemicals, including raw materials for coatings, adhesives and films.
In India, Covestro is headquartered in Thane, near Mumbai, with its production facility in Greater Noida houses the EcoCommercial Building, Polyurethanes Systems House and Polycarbonates Colour Competence and Design Centre. 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. It has an aromatic and aliphatic polyisocyanate (PIC) manufacturing facility in Ankleshwar, Gujarat, the only one of its kind in India, as well as a plant for Thermoplastic Polyurethanes in Cuddalore. There is also an Applications Development Lab for coatings, adhesives and specialties in Mumbai.
Patrick Thomas, CEO, Covestro, said independence will enable the company to bring its strengths to the global competition more quickly, effectively and flexibly. He added that Covestro will fulfil its vision by inspiring innovation and driving growth through profitable technologies and products that benefit society and reduce environmental impacts.
The company is excited to venture into a bold new direction with Covestro, said Ajay Durrani, Managing Director, Covestro India Pvt Ltd. He added that the name is part of Covestro’s corporate identity, which includes a distinctive new brand, which is committed to delivering value to customers and other stakeholders. Durrani also said he looks forward to building a successful future for Covestro in India with its employees.