The Urethane Blog

Covestro Profits Rise

Covestro reports profits jumped by 51 percent


Covestro, the Germany-based plastics and materials producer, said second-quarter net income jumped by 51.3 percent to 230 million euros ($253 million) and that it has raised its full-year outlook.

The company has its North American headquarters in Robinson.

Sales fell by nearly 7 percent to 2.99 billion euros because of lower selling prices that resulted from lower prices for raw materials.

In the North American region which includes the U.S., Canada and Mexico, sales totaled 787 million euros, down 11 percent from 888 million euros in the second quarter of 2015.

Covestro’s polymers and coatings are used in automobile parts, electronics, sports gear and other products. The company was spun out of Bayer Corp. last year as an independent subsidiary; Bayer retains a 64 percent stake.

Covestro was a key supplier to Solar Impulse 2, an aircraft powered by solar energy that early today completed a round-the-world flight in Abu Dhabi, United Arab Emirates.