Covestro

German chemical company

Covestro AG

Company type| Aktiengesellschaft

Traded as

* FWB: 1COV

Industry|

* Chemicals
* Materials

Predecessor| Bayer MaterialScience
Founded| 1 September 2015; 9 years ago (2015-09-01)
Headquarters|

Leverkusen, North Rhine-Westphalia

Germany

Key people

| Markus Steilemann (CEO)
Revenue|  €18.0 billion (2022)[1]

Operating income

|  €0.3 billion (2022)[1]

Net income

|  €−0.3 billion (2022)[1]
Total assets|  €14.6 billion (2022)[1]
Total equity|  €7.1 billion (2022)[1]

Number of employees

| 17,985 (2022)[1]
Website| www.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, Abu Dhabi National Oil Company (ADNOC) announced 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]

In September 2023, Covestro announced that it was in talks with the Abu Dhabi National Oil Company (ADNOC), which was interested in acquiring the company.[10] On October 1, 2024, Covestro announced that it supported a takeover bid by ADNOC in the amount of €62 per share. The Abu Dhabi state-owned company would thus acquire Covestro for up to €16 billion.[11][12] The acquisition is expected to be completed in the second half of 2025.[13]

## See also

[edit]

* Linde Group
* BASF
* Lanxess
* Viverso

## References

[edit]

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.
10. ^ "Covestro: Saudi-Arabiens Ölkonzern Adnoc könnte Chemiekonzern übernehmen". FAZ.NET (in German). 2023-09-08. Retrieved 2025-05-09.
11. ^ "Ölkonzern Adnoc aus den Emiraten schluckt Covestro – Marktkenner sind optimistisch". www.wiwo.de. Retrieved 2025-05-09.
12. ^ "ADNOC to buy Covestro for $16.3 billion". Chemical & Engineering News. Retrieved 2025-05-09.
13. ^ Küfner, Thorsten. "Covestro: Adnoc ist am Ziel". www.deraktionaer.de (in German). Retrieved 2025-05-09.

## External links

[edit]

* Official website

Authority control databases

International|

* ISNI
* VIAF

National|

* Germany

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