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Covestro unveils new legal entity after Bayer separation
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FORMERLY Bayer MaterialScience, Covestro has officially renamed its legal entity拜耳材料科技（中国）有限公司 (Bayer MaterialScience (China) Company Limited) to 科思创聚合物（中国) 有限公司 (Covestro Polymers (China) Company Limited), effective from December 24, 2015. The announcement signifies the timely completion of the polymer materials supplier’s legal entity registration activities across China since separation from Bayer in September 2015.
The new name 科思创 (ke si chuang) represents a bold new direction and bright future for the world’s leading polymers company: 科(ke) means “science” and “innovation”; 思 (si) represents a company with talent and big thinking, and 创 (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 accounted for a robust 15 percent of overall sales in the first three quarters of 2015 despite a deceleration in 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 its new company brand logo in China on all official company collateral materials.
To stay close to customers and facilitate value chain collaboration, the company also changed names for other five legal entities in China: Covestro (Shanghai) Management Co., Ltd., Guangzhou Covestro Polymers Co., Ltd., Covestro Polymers (Qingdao) Co., Ltd., Covestro Polymers (Shenzhen) Co., Ltd., and Covestro Polymer (Tianjin) Co.,Ltd.
As the world’s leading producer for polycarbonates, polyurethanes as well as coatings, adhesives and specialties, Covestro’s innovative products and solutions are used in crucial sectors from automotive, construction, wood and furniture, to sports and leisure, electrical and electronics.
According to Huber, the chemical industry has the potential to be a solution provider to many of the challenges faced by China, especially in the environmental realm. By engaging in energy conservation, environmental-friendly technologies and the manufacture of sustainable products, Huber believes that chemical companies can contribute to the advancement of China’s society and can help develop technological innovation in the long term.
Covestro aims to capture Chinese market growth over the next five 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 11.8 billion euros (US$12.86 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.
Find more information at www.covestro.com and www.covestro.cn
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