Bayer MaterialScience Will Be Renamed Covestro
Bayer recently announced that the new name of its MaterialScience business will be Covestro, effective September 1. Bayer reportedly intends to float Covestro on the stock market by mid-2016 at the latest.
The name Covestro is reportedly made from a combination of words that reflect the identity of the new company. The letters C and O come from collaboration, while “vest” reportedly signifies the company is invested in state-of-the-art manufacturing facilities. The final letters, “stro,” intend to show the company is strong—in innovation, in the market and with a strong workforce.
“Covestro represents a bold new direction and bright future for an innovation-driven polymers company,” said Patrick Thomas, CEO of Bayer MaterialScience and CEO designate of Covestro. “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. 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 which reflects our innovation, talent, and big thinking.”
For more information, visit www.bayer.com.