Bayer announced last September that its MaterialScience business would become a separate company. Effective September 1, the company will be established under the name “Covestro.”

Patrick Thomas, CEO of Bayer MaterialScience, introducing the new brand of the company.
Patrick Thomas, CEO of Bayer MaterialScience, introducing the new brand of the company.

“Covestro represents a bold new direction and bright future for an innovation-driven polymers company,” says Patrick Thomas, CEO of Bayer MaterialScience and CEO designate of Covestro. “We are a company that is underpinned by strong and experienced management with a proven track record of excellence and full commitment to value creation. We have loyal and dedicated employees with whom we are confident we can build our future success.”

Thomas says that being separate will give the new company greater flexibility to independently pursue its business goals.

“The platforms for this will include our leading market positions, favorable industry dynamics, our state-of-the art asset base with leading process technology, a portfolio including a high-value specialty business as well as an outstanding team of highly skilled and motivated employees,” he says.