Covestro

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Covestro AG
Stock Corporation
Traded as FWB1COV
Founded 1 September 2015
Headquarters Leverkusen, Germany
Owner Bayer Pension Trust eV (8.89%)
Website covestro.com

Covestro is a Bayer spin off formed in the fall of 2015 and formerly Bayer MaterialScience, Bayer's $12.3 billion materials science division.[1][2] Covestro shares were first offered on the Frankfurt Stock Exchange in October 2015.[3] Bayer sold its entire remaining stake in May 2018, Bayer's pension fund had an 6.8% stake managed separately.[4]

The main industries served are automotive manufacturing and supply, electrical engineering and electronics, construction and home products, and sports and leisure. Their products include coatings and adhesives, polyurethanes that are used in thermal insulation, adhesives, electrical housings, and as a component of footwear and mattresses, and polycarbonates such as Covestro's Makrolon, which are highly impact-resistant plastics.[1] Covestro polyurethane was used in the 2014 official FIFA World Cup soccer ball.[5]

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References[edit]

  1. ^ a b Christopher Alessi for the Wall Street Journal. Sept. 1, 2015 Bayer Separates Material Science Business Covestro
  2. ^ Joyce Gannon for the Pittsburgh Post-Gazette September 1, 2015 Bayer MaterialScience assumes its new identity as Covestro
  3. ^ Sheenagh Matthews and Alex Webb for Bloomberg News. October 6, 2015 Covestro Jumps on First Day of Trading in Frankfurt After IPO
  4. ^ "Bayer Boosts Finances With $2.6 Billion Covestro Stake Sale https://www.bloomberg.com/news/articles/2018-05-03/bayer-sells-remaining-stake-in-covestro-3-years-after-its-ipo".  External link in |title= (help)
  5. ^ Justine Coyne for the Pittsburgh Business Times. Jun 12, 2014 Bayer gets ball rolling at World Cup