On Sept. 1, Bayer MaterialScience (BMS) began trading as Covestro. For the present, the new standalone company will remain wholly owned by Bayer, but the parent company’s plans foresee a stock flotation by mid-2016.

“Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” said Covestro CEO Patrick Thomas, who has headed the business since 2007.

The newly independent company has not yet revealed whether it plans any consolidation or expansion of its portfolio. As BMS it recently took a step downstream with the takeover of TCG, a manufacturer of polycarbonate composites, primarily for the automotive, transport and IT industries.

Covestro is the world’s largest producer of polycarbonate and a leading player in the markets for most of its polyurethane products, which include isocyanates MDI and TDI, along with PU systems.

The engineering plastics producer is run by a four-member board of management chaired by Thomas. Other members include Frank H. Lutz (Finance, Labor Director), Dr. Klaus Schaefer (Production and Technology) and Dr. Markus Steilemann (Innovation).