Bayer MaterialScience changes name to Covestro ahead of float
Graeme Paterson
01-Sep-2015
LONDON
(ICIS)–Bayer MaterialScience is now operating under the new
identity of Covestro ahead of plans to float the business on
the German stock exchange by mid-2016 at the latest, it said
on Tuesday.
The polymer materials supplier is legally and economically independent but will remain a 100% subsidiary of Bayer AG, Covestro said in a statement.
“Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” said CEO Patrick Thomas.
Parent company Bayer said last September that it would
float the Leverkusen-headquartered division as part of a
strategy to focus on its life sciences
business.
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