Bayer to rename MaterialScience business as Covestro

German conglomerate Bayer today announced the renaming of its MaterialScience business as Covestro.
The chemicals giant also intends to float Covestro on the stock market by mid-2016.
In September last year, Bayer had announced that its MaterialScience business will become a separate company.
The new name will be effective on September 1, 2015. Bayer intends to float Covestro on the stock market by mid-2016 at the latest, the company said in a statement.
MaterialScience deals with the discovery and design of new materials. Bayer's MaterialScience is a leading supplier of high-tech polymer materials.
"Covestro represents a bold new direction and bright future for an innovation-driven polymers company," Bayer MaterialScience Chief Executive Officer (CEO), and the CEO designate for Covestro, Patrick Thomas said in the statement.

The name is part of Covestro's corporate identity, which includes a distinctive new and colorful vibrant brand.

Thomas added that separating from the parent firm would give the new company greater flexibility to independently pursue its business goals.
Bayer has presence in healthcare, crop sciences and high-tech polymer materials sectors.
In India, the company has a large presence in crop sciences and the pharma sector.