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Covestro

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Covestro AG
Company typeAktiengesellschaft
Industry
PredecessorBayer MaterialScience
Founded1 September 2015; 9 years ago (2015-09-01)
Headquarters
Leverkusen, North Rhine-Westphalia
,
Germany
Key people
Markus Steilemann (CEO)
RevenueIncrease €18.0 billion (2022)[1]
Decrease €0.3 billion (2022)[1]
Decrease €-0.3 billion (2022)[1]
Total assetsDecrease €14.6 billion (2022)[1]
Total equityDecrease €7.1 billion (2022)[1]
Number of employees
17,985 (2022)[1]
Websitewww.covestro.com

Covestro AG is a German company producing polyurethane and polycarbonate raw materials. Products include isocyanates and polyols for cellular foams, thermoplastic polyurethane and polycarbonate pellets, as well as polyurethane based additives used in the formulation of coatings and adhesives.[2] It is a Bayer spin-off formed in the fall of 2015 and was formerly called Bayer MaterialScience.[3][4]

Covestro shares were first offered on the Frankfurt Stock Exchange in October 2015.[5] Bayer sold its entire remaining stake in May 2018, Bayer's pension fund had a 6.8% stake managed separately.[6] On October 1st 2024 it was announced that ADNOC has struck a deal to buy Covestro for 14.7 billion euro.[7]

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, electrical housings, and as a component of footwear and mattresses, and polycarbonates such as Covestro's Makrolon, which are highly impact-resistant plastics.[3] Covestro polyurethane was used in the 2014 official FIFA World Cup football.[8] Before 2019, Covestro enjoyed rapid earnings growth following supply shortages of chemicals used in foams.[9]

See also

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References

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  1. ^ a b c d e f "Speeding Up to Circularity. Annual Report 2022. Covestro" (PDF). Retrieved 3 August 2023.
  2. ^ "The three segments of our core business | Covestro". www.covestro.com. Retrieved 2021-03-19.
  3. ^ a b Christopher Alessi for the Wall Street Journal. Sept. 1, 2015 Bayer Separates Material Science Business Covestro.
  4. ^ Joyce Gannon for the Pittsburgh Post-Gazette September 1, 2015 Bayer MaterialScience assumes its new identity as Covestro.
  5. ^ Sheenagh Matthews and Alex Webb for Bloomberg News. October 6, 2015 Covestro Jumps on First Day of Trading in Frankfurt After IPO.
  6. ^ "Bayer Boosts Finances With $2.6 Billion Covestro Stake Sale".
  7. ^ "Abu Dhabi's ADNOC to buy German chemicals firm Covestro for $16 bln". Reuters. 2 October 2024. Retrieved 2 October 2024.
  8. ^ Justine Coyne for the Pittsburgh Business Times. Jun 12, 2014 Bayer gets ball rolling at World Cup
  9. ^ Zuzanna Szymanska (July 24, 2019), Covestro confirms 2019 outlook despite cooling economy Reuters.
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