omniture

Covestro unveils new legal entity name after Bayer separation

Covestro
2016-02-01 10:00 5721

SHANGHAI, Feb. 1, 2016 /PRNewswire/ -- Formerly Bayer MaterialScience, Covestro has officially renamed its legal entity Bayer MaterialScience (China) Company Limited to Covestro Polymers (China) Company Limited (Chinese name ke si chuang), effective from December 24, 2015. The announcement signifies the polymer materials supplier has completed all the legal entity registration activities across China on schedule since separation from Bayer in September 2015.

The new Chinese name ke si chuang represents a bold new direction and bright future for the world's leading polymers company: ke signifies science and innovation; si represents a company with talent and big thinking, and chuang suggests a company that is well-invested in state-of-the-art manufacturing facilities with a proven track record of excellence and commitment to value creation.

The move further consolidates Covestro's commitment to China, as the country accounts for a robust 15 percent of its overall sales in the first three quarters of 2015 despite a decelerated GDP growth.

"Covestro has been committed to bringing advanced business ideas and technologies into China and growing together with the Chinese market," said Steffan Huber, Senior Covestro Representative, Greater China. "With the unveiling of the new legal entity name , Covestro will continue to take deeper root in the Chinese market, focusing on local innovation, research and development to meet the demands of customers and value chain stakeholders."

Meanwhile Covestro has commenced usage of the new company brand logo in China on all official company collateral materials.

Covestro has commenced usage of the new company brand logo in China on all official company collateral materials
Covestro has commenced usage of the new company brand logo in China on all official company collateral materials

Covestro aims to capture the Chinese market growth over the next 5 years by maximizing existing investment and state-of-the-art technologies to explore innovative approaches to productivity, efficiency and sustainability improvements.

"Our  vision at Covestro is as simple as it is bold: we want to make the world a brighter place," Huber added. "We fulfill this vision by joining China in shaping one shared future in the industry and supporting China's efforts to become a more sustainable and innovative country."

Covestro is heavily invested in China. Shanghai is home to Covestro's global headquarters for polycarbonates, a key raw material widely applied in, for example, the automotive, appliances, and electronics sectors. Covestro also hosts its research and development center for Asia-Pacific in Shanghai, as well as the Covestro Integrated Site Shanghai, the company's largest investment outside of Germany, and other four plants in Guangzhou, Shenzhen, Tianjin and Qingdao.

The plan for Bayer MaterialScience to become a separate company was announced in September 2014. From September 1, 2015 Bayer MaterialScience is operating under the Covestro name.

About Covestro:

With 2014 sales of EUR 11.8 billion, Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and the sports and leisure industries. Covestro, formerly Bayer MaterialScience, has 30 production sites around the globe and as of September 2015 employed approximately 15,700 people (full‑time equivalents).

Find more information at www.covestro.com and www.covestro.cn

Forward-Looking Statements

This release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's and Bayer's public reports which are available on the Covestro website at www.covestro.com as well as on the Bayer website at www.bayer.com. Covestro and Bayer assume no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Photo - http://photos.prnasia.com/prnh/20160129/0861600934

Source: Covestro
Keywords: Chemical
collection