Bayer MaterialScience To Be Named Covestro

Bayer has chosen Covestro as the new name for Bayer MaterialScience, the chemical business it intends to spin off next year. The new name will go into effect on Sept. 1. In its unveiling of Covestro last week, the company explained the etymology of the new name: “Co” stands for collaborate, “vest” represents investment, and “stro” indicates strength. Bayer MaterialScience is one of the world’s largest suppliers of polycarbonate plastics and polyurethane chemicals and materials. It earned about $740 million on $15.5 billion in sales in 2014. In September 2014, Bayer announced it was spinning off the MaterialScience unit so it can focus on its life sciences businesses.