Following Lanxess model, Bayer spins off MaterialScience business

Source: Bayer AG, Leverkusen, Germany

Bayer MaterialScience, whose polymer technology supports polyaspartic-based coatings for concrete, rigid foam insulation and other construction product offerings, has transitioned to Covestro AG, a legally and economically independent, but wholly owned Bayer Group subsidiary.

“Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” says Covestro CEO Patrick Thomas. Toward a new vision, “To make the world a brighter place,” he adds, Covestro will inspire innovation and drive growth “through profitable technologies and products that benefit society and reduce environmental impacts.”

Beyond construction, Covestro supplies such key industries as automotive, electronics, furniture, sporting goods and textiles. With its products and applications solutions, the company is targeting major global challenges, from resource depletion, increasing mobility and urbanization to population growth and demographic change. Products include raw materials for premium polyurethane foam, in flexible or rigid form; high-performance polycarbonates; and, specialty chemicals, including raw materials for coatings, adhesives and films.