Covestro has a colorful new logo. Its headquarters remain in Leverkusen, Germany. Photo: PRNewswire/Covestro.
The company is now legally and economically independent, but remains a 100 percent subsidiary of parent company Bayer AG. Bayer aims to float Covestro on the stock market by mid-2016 in order to concentrate exclusively on the life sciences business.
"Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly," said Covestro CEO Patrick Thomas.
The move will allow Covestro to focus competitively in the global market, and offers direct access to capital markets and greater opportunities for growth.
Covestro supplies key industries worldwide, including the automotive, construction, electronics, furniture, sporting goods and textile industries. Products include raw materials for premium polyurethane foam used in furniture, mattresses and automobile seats in its flexible form, or as building and refrigeration insulation in its rigid form.
Covestro also produces high-performance polycarbonates that are durable, lightweight and easy to shape, with versatile applications in automotive components, roof structures, medical devices and more.
Rounding out their product portfolio are specialty chemicals, and raw materials for coatings, adhesives and films. These products are used to protect or enhance appearance in cars or furniture and flooring, with additional applications for sporting and leisure goods and medical products.
Along with a new logo, Covestro has a new vision: “To make the world a brighter place.”
Thomas states, “We fulfill this vision by inspiring innovation and driving growth through profitable technologies and products that benefit society and reduce environmental impacts.”
Through its products and applications solutions, the company aims to meet the major challenges facing the world, from climate change and resource depletion, increasing mobility and urbanization, to population growth and demographic change.
Covestro is managed by a four-member board chaired by Thomas. Board members also include Frank H. Lutz (Finance, Labor Director), Klaus Schaefer (Production and Technology) and Markus Steilemann (Innovation).
The Covestro group is comprised of 30 production sites around the globe, and employed approximately 14,200 people at the end of 2014.
For more information on Covestro, visit their website.