Covestro Now One Year Old
Covestro is turning one: The materials manufacturer has been standing on its own two feet for a year now and can look back on a fast successful development. Following the official separation from the Bayer Group on September 1, 2015, the former Bayer MaterialScience established itself of the international capital market with the largest stock market flotation in Germany since 2000. The past 12 months were also extremely gratifying for Covestro from a financial standpoint.
“We have completed a complex transformation process in a short time and shown what we are capable of. We are very proud of that,” said CEO Patrick Thomas. “A XL startup, Covestro has developed to the great satisfaction of its customers, investors and other stakeholders.”
Thomas pointed out that the operating result (adjusted EBITDA) has been increased each quarter since the company became independent. Relative to the issue price of EUR 24, the share price has approximately doubled now.
To make the world a brighter place
Thomas is also pleased that the employees all around the world have a high appreciation for Covestro as an employer and are living the new corporate values with such enthusiasm. “We are curious, courageous and colorful. That is our foundation for providing products, technologies and solutions that push boundaries and make the world a brighter place.”
To this end, the company is focusing even more intently on innovation. Besides traditional research and development, it gives all its employees the freedom to express their creativity in their fields.
At the same time, Covestro is increasingly anchoring sustainability at every level. The objective is to conserve the environment, advance society and at the same time create economic value. The company has therefore established a series of challenging and measurable targets it wants to achieve by 2025. For example, it plans to halve greenhouse gas emissions per metric ton of product manufactured relative to 2005.
The company is also breaking new ground when it comes to carbon dioxide. In 2016, Covestro brought a new plant on stream at its site in Dormagen, Germany in which the climate killer is being used for the first time as a raw material. A CO2-based precursor for the production of polyurethane foam for mattresses and upholstered furniture will soon make its market debut.
Many new products and ideas
“A perfect example of how Covestro combines sustainability and innovation,” said CEO Thomas. “We will have plenty more along these lines on display at K 2016, the world’s largest plastics trade fair, in Düsseldorf, Germany this October. One highlight is a new vehicle concept intended to promote electric mobility. For the first time ever, all of the glazing is made of polycarbonate.”
Covestro has also gleaned valuable insights for the further development of its products and potential new applications from the Solar Impulse mission – the around-the-world flight completed in July in an ultra-lightweight aircraft powered only by the sun. Among other things, Covestro designed the cockpit and provided a highly efficient insulating material, without which the flight would not have been possible. Covestro will continue to work with the Solar Impulse founders in the future to help clean technologies achieve a breakthrough.