Covestro eyes ‘making the world a brighter place’
Print Edition
COVESTRO, formerly known as Bayer MaterialScience, has been legally and economically independent since September 1, 2015. As one of the world’s leading polymer materials suppliers, the new identity of Covestro successfully carries the DNA of German chemical giant Bayer.
“Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” said Covestro CEO Patrick Thomas.
Steffan Huber, president of Covestro Greater China, said when Bayer first entered the Chinese market, there was rare competition from either overseas or domestic counterparts. However, the circumstances are very different now.
Take the polycarbonate business for example, he said, Chinese companies have already surged to be strong competitors against foreign companies. The rivalry poses a new challenge for Bayer to upgrade its structure to meet new demands.
To better respond to market changes, Bayer MaterialScience ought to accurately
position its technologies and the separation of Covestro helps Bayer boost innovation and give the new company more flexibility.
Huber assured the market of the stability of the new company. He said the transition has been quite smooth for Covestro. It is still the same team, the same customers and the same products, he said.
For the employees, Huber said, the independence is a positive stimulus and the team is set to quickly adjust to its new position. The new company will possess more resources and stay even closer to its customers.
The independence of Covestro has given the company a new colorful logo as well as a vision that seems rather grand - “To make the world a brighter place.”
“We fulfill this vision by inspiring innovation and driving growth through profitable technologies and products that benefit the society and reduce environmental impacts,” said Thomas.
Huber said Covestro will carry on the spirit of Bayer and place a premium on innovation. As a leader in industrial materials and holder of a variety of patents, Covestro will continue to upgrade its products and solutions, according to Huber.
Covestro supplies key industries around the world, such as the automotive,
construction and electronics sectors, as well as the furniture, sporting goods and textiles industries.
With its products and solutions, the company is helping meet the major challenges of the era, from climate change and resource depletion, increasing mobility and urbanization to population growth and demographic change.
Products include raw materials for premium polyurethane foam, which in flexible form is used primarily in furniture, mattresses and automobile seats; as rigid foam, it serves to insulate buildings and refrigeration equipment.
Covestro also produces high-performance polycarbonates, which are also versatile materials for automotive components, roof structures, and medical devices. The portfolio also includes specialty chemicals, such as raw materials for coatings, adhesives and films.
China is currently the largest production base for Covestro outside Germany and it is also the company’s largest market in Asia and the fastest growing market for the company in the world. Huber said Covestro will remain as committed as ever to the Chinese market.
Huber said safety is the core value Covestro holds in China as the company fully complies with the country’s safety regulations. Covestro’s technologies and idea are very much environmental-friendly and that is exactly the market trend it has assessed.
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