Bayer MaterialScience, a leading polymer materials supplier, is now operating under the Covestro name, and could soon go public.
The company is now legally and economically independent, but will remain a subsidiary of Bayer AG. Bayer said it wants to float Covestro on the stock market by mid-2016 in order to concentrate exclusively on the life sciences businesses.
“Independence enables us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” said Patrick Thomas, chief executive officer of Covestro. “We can now position ourselves purely as a polymers producer and thus more efficiently in our competitive environment.”
Covestro has a new, colorful logo and a fresh vision: “To make the world a brighter place.”
“We fulfill this vision by inspiring innovation and driving growth through profitable technologies and products that benefit society and reduce environmental impacts,” said Thomas.
Covestro supplies its products to key industries around the world, including textiles, automotive, construction, electronics, furniture and sporting goods. The company said it is dedicated to meeting major challenges such as climate change and resource depletion, increasing mobility and urbanization to population growth and demographic change.
Covestro maintains its commitment to the textiles industry, continuing to develop the technology and services model it launched under the brand name Insqin in 2014. Insqin provides a platform for the industry to access a new generation of polyurethane synthetics and other PU-coated fabrics that are versatile and highly functional materials used in the sports and fashion industry in diverse applications ranging from training shoes and soccer balls to fashion shoes, garments and bags.
The company said the new generation of materials addresses product innovation needs and the sustainability agenda to which leading brands in the industry are increasingly committed, since they are processed entirely without solvents and thus eliminate pollution risks, also showing strongly reduced resource consumption.
The Insqin offer has recently been extended with the introduction of new bio-based PU dispersions under the Impranil name. With renewable content as high as 65 percent, these new products help brands and manufacturers further reduce CO2 emissions to improve their ecological footprint. Using a non-food bio source, they also deliver performance similar to conventional products.
Other new developments include Impranil DAA for softer materials for apparel, Impranil DLE for higher-performance sports shoe uppers, and Impranil DLC-T for durable automotive interiors.
“Our new name is derived from the very essence of our company and how we work,” said Nicholas Smith, global head of textile coatings at Covestro, “with the ‘Co’ in Covestro standing for our commitment to collaborative partnership with the industries that we serve, while ‘vest’ refers to the fact that we are well-invested in state-of-the-art facilities, and ‘stro’ comes from ‘strong’, referring to the fact that we are already a strong company, strong in technology, in our markets and in our people.”
An example of this commitment to collaboration in the industry and to sustainability is the recently launched Insqin Partner Manufacturer Program that seeks to break down supply chain barriers to innovation by connecting audited manufacturers of new materials with downstream players seeking to source such materials.
Covestro, based in Leverkusen, Germany, had sales of 11.7 billion euro, or $13.23 billion, in 2014. Covestro has 30 production sites around the world and employed about 14,200 people at the end of 2014.