Bayer (ETR:BAYN) said the re-branding of its material sciences business as Covestro is complete, with a separate legal and economic structure for the Pittsburgh-based subsidiary ahead of a planned IPO next year.
“Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” Covestro CEO Patrick Thomas said in prepared remarks.
Bayer said it’s making the move so it can focus on its core life sciences business. Covestro makes high-performance polycarbonates for medical devices, automotive components and roof structures. The company also makes raw materials for polyurethane foam used in furniture, mattresses and automobile seats. The material can also be used to make rigid foam for insulation.
Covestro’s portfolio also includes specialty chemicals for coatings, adhesives and films, the company said.