Company Overview of Bayer MaterialScience AG
Bayer MaterialScience AG supplies polymer materials. It offers components for polyurethane foams; plastic polycarbonate and raw materials for coatings, adhesives, and specialties; and chemical substances and materials. The company’s products include adhesives, coatings, films, plastics, polyurethanes, sheets, polyurethane specialties (elastomers), and thermoplastic polyurethanes. It serves automotive/transport, construction, electro and electronics, cosmetics, and textile industries. Bayer MaterialScience AG was formerly known as Bayer Polymers AG and changed its name in 2004. The company is based in Leverkusen, Germany. Bayer MaterialScience AG operates as a subsidiary of Bayer AG.
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Key Executives for Bayer MaterialScience AG
Chairman of The Board of Management, Chief Executive Officer and Member of Executive Committee
Chief Financial Officer, Member of The Board of Management and Member of Executive Committee
Head of Human Resources, Labor Director, Member of The Board of Management and Member of Executive Committee
Head of Law, Patents & Compliance and Member of Executive Committee
Head of Communications, Public Affairs & Sustainability and Member of Executive Committee
Compensation as of Fiscal Year 2015.
Bayer MaterialScience AG Key Developments
Bayer Announces Management Team for Covestro
Aug 14 15
Bayer MaterialScience AG has named the management board for Covestro, effective Sept. 1, 2015 when the company separates MaterialScience into its own company. Patrick Thomas, Bayer MaterialScience's CEO of eight years, was confirmed at chairman of Covestro's board of management. Frank Lutz, CFO, will additionally serve as labor director, succeeding Michael Bernhardt who is leaving the board of management to head an expanded human resources function for Covestro. Also appointed to Covestro's management board are Klaus Schafer, chief industrial operations officer, and Markus Steilemann, who will initially be responsible for innovation and retain, until year-end, his current function as head of the polycarbonates business unit. As of January, Steilemann will additionally assume board responsibility for the polyurethanes business unit with the retirement of Joachim Wolff. Daniel Meyer, present head of coatings, adhesives and specialties, will remain responsible for the unit's operations. The new head of the polycarbonates business will be announced at a later date.
Bayer MaterialScience Plans To List, Could Consider Acquisitions
Aug 10 15
Bayer MaterialScience AG plans to list on the stock exchange soon, could consider acquisitions, especially in polyurethane-related business, its head told a German paper. Bayer MaterialScience could be listed as early as October 2015 in an IPO potentially worth more than €10 billion euros, sources familiar with the plans told Reuters in July 2015. Patrick Thomas, MaterialScience's Chief Executive Officer, told Handelsblatt in an interview published on August 10, 2015 that the company may consider acquisitions in the area of "polyurethane-based coating raw materials or dispersions", should appropriate assets come up for sale.
Bayer MaterialScience's TDI Brunsuttel Plant to Close in September 2015
Jul 8 15
Bayer MaterialScience announced that the company's 165,000 tons/year toluene di-isocyanate (TDI) plant in Brunsbuttel, Germany, will close in early September 2015 as planned. It will be replaced by a new plant in Dormagen, Germany, reduces energy consumption by up to 60% and requires up to 80% less solvent. The plant in Dormagen was commissioned at the end of last year, and is designed to have an annual capacity of 300,000 tons/year. A smaller TDI production unit at Dormagen, with a capacity of 80,000 tons/year, has already been decommissioned. From 1 September 2015 Bayer MaterialScience will operate under the name Covestro.
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