Bayer has announced that its MaterialScience business will be renamed Covestro effective September 1, 2015. This is one of many steps toward Bayer MaterialScience becoming an independent company. Plans for the business to become a separate company were first announced in September 2014, and Bayer intends to float Covestro on the stock market by mid-2016. “Covestro represents a bold new direction and bright future for an innovation-driven polymers company,” noted Patrick Thomas, Chief Executive Officer of Bayer MaterialScience and CEO designate of Covestro. Separating Covestro into a new company will allow it greater independence and flexibility to pursue its business goals. The name was selected as a combination of words that are significant to the company. The CO comes from collaboration, VEST signifies investment in state-of-the-art manufacturing facilities, and STRO comes from the word strong.