Good Start for Covestro
Robinson's Covestro reports 26 percent spike in 2015 income
Covestro, the German plastics and chemicals maker that has its North American headquarters in Robinson, said net income jumped by 26 percent in 2015 on higher demand and volumes.
Sales edged up by 2.7 percent to 12 billion euros ($13.2 billion) while income totaled $377 million.
Covestro, formerly known as Bayer MaterialScience, makes plastics and chemicals used in automobile parts, electronics, insulation and other industrial and consumer goods.
The business began operating as an independent subsidiary of Bayer AG on Sept. 1. Bayer spun it out saying it wanted to focus on its drug division which makes brands including Alka-Seltzer, Aleve and Coppertone; and its crop science business which makes animal health and agricultural products.
The results released today by Covestro include Bayer MaterialScience’s financial results from January through August 2015 before the business was spun out of Bayer.
In North America, Covestro said sales increased by 11 percent to $3.7 billion.
Patrick Thomas, global chief executive, said 2015 was “a major economic success” for Covestro.
“We demonstrated earnings power and financial strength while achieving independence, getting listed on the stock exchange, and being admitted to the MDAX (German stock index).”
Shares of Covestro trade on the German exchange but Bayer still retains 60 percent ownership in the company.
Covestro employs about 750 people at its Robinson campus and approximately 3,000 throughout North America.
Joyce Gannon: firstname.lastname@example.org or 412-263-1580.