Covestro

Performance indicators

Having achieved sales of 11.7 billion euros in 2014, BayerMaterialScience (Covestro) became one of the world's largest polymer manufacturers.

The company receives a significant part of its profits from the sale of products that occupy a leading position in the world market. The main customers are automotive and construction companies, electric/electronic sector companies, as well as manufacturers of sports and entertainment goods, packaging materials and medical equipment. The group's activities at this time include four areas: the production of polyurethanes, polycarbonates, coatings, adhesives and special materials, as well as industrial processes.

Aktivs

At the end of 2014, BayerMaterialScience had 30 production sites worldwide and about 14,200 employees.

Areas of activity

As of the beginning of 2016, the company is engaged in the production of high-tech polymer materials and the development of innovative solutions for products that are used in many areas of modern life. The main segments are:

• the automotive industry,
• electrical production electronic engineers/,
• construction, and
• sports and recreation industry.

Product portfolio

As of March 2016, the company's product portfolio includes:

• Coatings, binders, specialty products (e.g. Desmodur, Bayhydur, Dispercoll)
• Polycarbonates (e.g. Makrolon, Makrofol/Bayfol, Fantasia, Bayblend; functional films, e.g. Makrofol/Bayfol)
• Polyurethanes (e.g. Multitec, Baydur, Bayflex, Baypreg, Vulkollan)
• Thermoplastic polyurethanes (e.g. Desmopan/Texin; functional films, e.g. Platilon)

History

2024: ADNOC bought Covestro for €14.7 billion

On October 1, 2024, UAE oil state-owned Abu Dhabi National Oil Co. (ADNOC) announced the conclusion of an agreement on the purchase of the German chemical manufacturer Covestro. The total amount of the transaction is €14.7 billion, including debt, which was the largest acquisition in the history of the energy corporation.

Under the terms of the agreement, ADNOC acquires all outstanding Covestro shares at a price of €62. This represents a premium of 54% to the value of the securities of the German company at the close of trading on June 19, 2023, that is, the day before the appearance in the media of reports about the upcoming transaction. This price implies the cost of Covestro's share capital of about €11.7 billion. The transaction is planned to be carried out at the expense of funds.

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Bloomberg

ADNOC International (a subsidiary of ADNOC) is committed to fully supporting the strategy for a sustainable future for the German company. At the same time, Covestro's board of directors and supervisory board ruled that upon completion of the transaction, the company's share capital would be increased by 10% (18,900,000 shares). Under the terms of the agreement, ADNOC International Germany Holding AG will buy new securities of the German company at a price of €62 for a total amount of €1.17 billion. This will give Covestro additional funds to implement the growth strategy. ADNOC has pledged not to initiate divestment of Covestro assets, business closures or significant staff reductions.

We are convinced that the agreement reached with ADNOC International is in the best interests of Covestro, our employees, shareholders and all other stakeholders. With the support of ADNOC International, we will have an even stronger foundation for sustainable growth, "said Dr. Markus Steilemann, CEO of Covestro.[1]

2015: Bayer MaterialScience renamed Covestro

Bayer Concern announced that from September 1, 2015, the MaterialScience sub-concern, which is part of its structure, will be renamed Covestro. No later than mid-2016, Covestro is expected to enter the stock market. For the first time, plans to transform Bayer MaterialScience into an independent company were reported in September 2014.

The Covestro name is a combination of English words that reflect the brand identity of the new company. The letters C and O are taken from the word "collaboration," VEST - part of the word "invest" (invest) demonstrates significant investments in advanced production facilities. And finally, STRO - from the word "strong" (strong) emphasizes the company's strengths: team, market leadership and innovative culture.

"The name Covestro is consonant with a bold, new direction of development and anticipates the brilliant prospects of an innovative polymer company," said Patrick Thomas, chairman of the board of Bayer MaterialScience and future head of Covestro. "We have the powerful expert potential of senior management who have successfully established themselves as competent organizers who actively contribute to improving the efficiency of the enterprise. We have no doubt that with the reliance on responsible and loyal employees, we will be able to build a successful future, "Thomas added

The name has become one of the components of Covestro's corporate identity, which distinguishes a fundamentally new, colorful and dynamic brand.

"We opted for Covestro as the name reflects our unique ability to leverage our competitive advantage faster, more efficiently and more flexibly," Thomas explained. - "The new name is an integral part of the brand and corporate identity, which were developed taking into account the opinions of customers, employees and close partners; all together they reflect our innovative and human resources potential, as well as the ability to think on a large scale. I am absolutely sure that bright corporate symbols and positive strategic guidelines will inspire enthusiasm and will serve as a good incentive at the beginning of a new path. "

Thomas noted that the separation of BMS into an independent corporate structure will expand the company's capabilities in implementing its strategic objectives.

are all prerequisites for this - including our leadership positions in the market; favorable industry dynamics; A state-of-the-art asset base backed by advanced production technologies corporate portfolio characterized by the presence of profitable specialized areas; as well as a wonderful team of highly qualified and enthusiastic employees, "he added

Notes