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Business

Bayer Hives Off Covestro Business

by Alex Scott
September 7, 2015 | A version of this story appeared in Volume 93, Issue 35
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Credit: Covestro
Covestro unveils its new logo at its headquarters in Leverkusen, Germany.
Photo of Covestro new logo at there headquarters in Leverkusen, Germany.
Credit: Covestro
Covestro unveils its new logo at its headquarters in Leverkusen, Germany.

As of Sept. 1, Bayer has legally and financially separated its MaterialScience division into a new firm named Covestro. The business will remain a Bayer subsidiary until mid-2016, when it will be floated on financial markets. Covestro, which had 2014 sales of about $14 billion, has been considerably less profitable than Bayer’s drug and agrochemical businesses in recent years. “Independence will enable us to bring our strengths to bear in global competition more quickly, effectively, and flexibly,” says Covestro CEO Patrick Thomas.

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