The company is now legally and economically independent, but will remain a 100 percent subsidiary of Bayer AG. Covestro will be floated on the stock market by mid-2016.
02 Sep 2015 | 4588 Views | By Takshak Dawda
Bayer MaterialScience, a subsidiary of Bayer AG and a polymer materials supplier, has adopted a new identity under the Covestro name from September 1, 2015. The company is now legally and economically independent, but will remain a 100 percent subsidiary of Bayer AG. Bayer plans to float Covestro on the ...
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Bayer MaterialScience, a subsidiary of Bayer AG and a polymer materials supplier, has adopted a new identity under the Covestro name from September 1, 2015. The company is now legally and economically independent, but will remain a 100 percent subsidiary of Bayer AG. Bayer plans to float Covestro on the global stock market in Germany 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.
“We fulfill this vision by inspiring innovation and driving growth through profitable technologies and products that benefit society and reduce environmental impacts,” added Thomas.
Speaking at the event, 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 a part of the company’s corporate identity, which includes a distinctive new and colourful, vibrant brand. We are committed to delivering value to our customers and stakeholders with the new brand identity. We look forward to building a successful future for Covestro in India with our loyal and dedicated employees.”
When asked about Covestro’s role in the Indian automotive industry, Durrani said, “India is one of the top 10 countries in Covestro’s portfolio. As for the products, we are quite ahead of the curve as far as plastic industry is concerned. Automotive market is one of the areas we are connected to. If they do well, we are obviously doing well. If you see nowadays the headlamps and tail lights of automobiles are all made of plastic components. As the consumption of polycarbonate increases with the willingness of customers who want to get good cars, it helps to put our products in those applications.”
“We are currently working on composites and a couple of our products have already been inducted in with one of the OEMs in India, a new model of which will be launched very soon. I think it is wonderful because it improves the overall efficiency of the car. Going forward, globally composites are used very extensively by different OEMs.”
Covestro’s product range includes 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 and medical apart from specialty chemicals, including raw materials for coatings, adhesives and films.