The new company Covestro, which will be created out of Bayer’s plastics division MaterialScience on September 1, is aiming for an IPO.
Patrick Thomas, the company’s new chief executive, described the changes ahead in his first interview since taking office.
In the coming years, Mr. Thomas sees significant growth ahead for the company, and the prospects of higher earnings.
Covestro, as the company will be called, will grow mainly through new applications for its current range of materials.
Mr. Thomas explained that the company aims to achieve greater efficiencies by closing older facilities, leaner sales structures and by reducing the number of subsidiaries worldwide.
Covestro is financially strong and is interested in acquiring polyurethane-based paint and coating raw materials but not in major acquisitions in other synthetics or chemical segments.
Mr. Thomas also made clear he was not considering a merger with any other chemicals companies in North Rhine-Westphalia.
Siegfried Hofmann writes about companies and markets for Handelsblatt. To contact the author: [email protected]