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Covestro Celebrates Transition

Friday, September 2, 2016

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North America's largest producer of raw materials for polyurethanes is celebrating its first anniversary.

The company, Covestro, has demonstrated rapid development over the past 12 months, according to an announcement made Thursday (Sept. 1).

Covestro
Images: Covestro

The suburban Pittsburgh campus serves as Covestro’s North American headquarters, employing approximately 700 people.

The former Bayer MaterialScience business unit changed its moniker and officially separated from the Bayer Group on Sept. 1, 2015. At that time, the company explained the meaning behind its name selection: "Co" as in collaboration; "vest" as in well invested in state-of-the-art manufacturing facilities; and "stro" as in strong.

Soon thereafter Covestro established itself on the international capital market with the largest stock market flotation in Germany since 2000, according to the release.

Rapid Development

With a doubled share price and increasing operating results each quarter, the independent company has “developed to the great satisfaction of its customers, investors and other stakeholders,” said global CEO Patrick Thomas.

Covestro

The company has approximately 15,800 employees worldwide.

“We have completed a complex transformation and shown what we are capable of achieving. We are very proud of that,” he added.

Marking its anniversary, the company has new environmental and economic targets it wants to achieve by 2025, and reports it has many new products and technologies in the works.

Globally, Covestro has 30 production sites and employs approximately 15,800 people. Covestro has operations in 11 locations across the United States and Mexico. 

The company manufactures high-tech polymer materials and develops innovative solutions for products used in many segments, including construction, automotive, medical, electrical, and sports and leisure.

   

Tagged categories: Bayer MaterialScience; Coating chemistry; Coatings raw materials manufacturers; Covestro; Raw materials

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