Covestro AG, the former Bayer AG MaterialScience business, has officially adopted its new name.
The company is now legally and economically independent, but will remain a 100 percent subsidiary of Bayer for the time being.
Bayer plans to take Covestro public, with trading on the stock market by mid-2016 at the latest, in order to concentrate exclusively on its life sciences businesses.
Covestro CEO Patrick Thomas said: “Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly.”
With sales in 2014 of 11.7 billion euros ($13.16 billion), Covestro is among the world's largest polymer companies, with a focus on the automotive, electrical and electronics, construction and sports and leisure industries.
Covestro, like Bayer, is headquartered in Leverkusen, Germany. It makes a range of raw materials used in both flexible and rigid foams, polycarbonate used in the auto and medical device industries and in coatings, adhesives and films.
The company will make its trade show debut at Fakuma in Friedrichshafen, Germany, Oct. 13-17.
The Covestro group has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014.