Formerly Bayer MaterialScience, Covestro has officially adopted the new legal entity Covestro Polymers (China) Company Limited in China, with its Chinese equivalent being 科思創聚合物（中國) 有限公司, effective from Dec 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. To stay close to customers and facilitate value chain collaboration, the company also renewed 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.
The moves further consolidate 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 Representative, Covestro 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.”
The inclusion of “polymers” in the new name suggests Covestro’s unremitted focus on its core businesses. As the world’s leading producer for polycarbonates, polyurethanes, as well as coatings, adhesives and specialties, its innovative products and solutions are used in crucial sectors from automotive, construction, wood and furnitures, to sports and leisure, electrical and electronics.
Covestro aims to capture the Chinese market growth over the next 5 years with existing investment, and optimize its assets through site consolidation, restructuring and efficiency projects. Improvements of plants and technologies will help improve production performance while at the same time reduce resource consumption and avoid waste generation and emissions.
Covestro is heavily invested in China. Shanghai is home to Covestro’s global headquarters for polycarbonates, a key raw material widely applied in the automotive and appliances sectors. Covestro also hosts its research and development center for Asia-Pacific in Shanghai, as well as the Covestro Integrated Site Shanghai and other four plants in Guangzhou, Shenzhen, Tianjin and Qingdao.
“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.”
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.
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).
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.