Covestro

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Covestro AG

logo
legal form Corporation
ISIN DE0006062144
founding September 1, 2015
Seat Leverkusen , North Rhine-Westphalia , Germany
GermanyGermany 
management
Number of employees 17,201
sales 12.4 billion euros (2019)
Branch chemistry
Website www.covestro.com/de
As of December 31, 2019

The Covestro AG is a listed material manufacturer based in Leverkusen . The company emerged in 2015 from the former plastics division of Bayer AG and previously operated under the name Bayer MaterialScience; it develops, produces and sells polymer materials at around 30 locations in Europe, Asia and America. In 2019, the company achieved annual sales of EUR 12.4 billion (2018: EUR 14.6 billion) and profit (EBITDA) was EUR 1.6 billion (2018: EUR 3.2 billion).

history

History and IPO

Logo of Bayer MaterialScience AG

A major restructuring of the Bayer Group took place at the beginning of 2004 . The product range of the predecessor company Bayer Polymers AG was re-sorted. Part of the range, including its production facilities, was transferred to the newly founded company Lanxess , which now operates on the market as an independent company. The other part remained in the Bayer Group and became Bayer MaterialScience AG .

In September 2014, Bayer announced the spin-off and the IPO of the division. The renaming took place on September 1, 2015. The artificial name Covestro is made up of syllables from the English words co llaboration (cooperation), in vest (invest) and stro ng (strong).

initial public offering

On September 18, 2015, Bayer announced that the subscription period for the shares would run from September 21, 2015 to probably October 1, 2015. The prices should be between 26.50 euros and 35.50 euros. The aim was gross proceeds of around 2.5 billion euros, which should be achieved with the issue of 70.4 to 94.3 million shares. On October 1, 2015, Covestro postponed its IPO to October 6, 2015 due to the difficult market environment and at the same time reduced the offer range to EUR 21.50 to EUR 24.50 and the issue volume from EUR 2.5 to 1.5 billion.

The company was included in the MDAX share index with effect from December 21, 2015 . On April 1, 2016, the Covestro share was included in the STOXX Europe 600 and has been part of an international share index since then. Effective March 19, 2018, Covestro was included in the DAX share index . Due to the rise in the DAX and the relatively high dividend yield , the company's shares were also included in the DivDAX with effect from September 24, 2018 .

Shareholder structure

The logo in front of the corporate headquarters in Leverkusen

The company's share capital is divided into 183 million bearer shares . Bayer AG has reduced its stake in Covestro step by step since the share was issued in September 2015. Only the stake held by Bayer AG is regarded as permanent holdings; the remaining 92% of the share capital is considered a free float . For shareholders with shareholdings above the reporting thresholds, see table:

Share
(in percent)		 Shareholders
6.81 Bayer AG
5.10 BlackRock
5.30 Norges Bank (indirectly for the Norwegian State Pension Fund )

(As of March 11, 2020)

activities

Business structure

Covestro is divided into three segments ( business units ):

BU Polyurethanes (BU PUR)
Polyurethanes are among other things preliminary products for soft and hard foam. The soft material is mainly used in mattresses, upholstered furniture and car seats; as a rigid foam, it is primarily used to insulate buildings and refrigerators.
BU Polycarbonates (BU PCS)
Polycarbonates are used in vehicles, buildings, electrical and electronic equipment and medical equipment, among other things. Covestro produces polycarbonates in the form of granules, composites and semi-finished products.
BU Coatings, Adhesives, Specialties (BU CAS)
In this segment, Covestro produces preliminary products for paints, adhesives and sealants, as well as special products, including films. The main areas of application are transport and traffic, infrastructure, construction, wood processing and furniture.

Covestro is represented at around 30 locations. The largest production sites are in Germany (Brunsbüttel, Dormagen, Krefeld-Uerdingen, Leverkusen), Belgium (Antwerp), China (Shanghai), Thailand ( Map Ta Phut industrial area ) and the USA ( Baytown , Texas).

Markets

The most important customer industries for Covestro's materials and application solutions are the automotive industry, the construction industry, the wood processing and furniture industries, and the electrical / electronics industry, as well as areas such as sports, textiles, cosmetics and health. The company also supplies other chemical companies with chemical preliminary and by- products such as chlorine and styrene. The sales shares of the main customer industries in 2016 were broken down as follows:

Customer branch Share of sales in 2016
Automobile / transportation 20%
To build 17%
Wood processing / furniture 16%
Electrical / electronics 11%
Chemicals 8th %
Sports / leisure / health and others 28%

Well-known inventions

The two largest (in terms of sales) business units Polyurethanes and Polycarbonates can look back on an in-house history of inventions. Otto Bayer first synthesized polyurethanes in 1937. Hermann Schnell was the creator of the first industrially relevant polycarbonate in 1953. In the field of polyurethane raw materials and systems as well as polycarbonate production, both business units occupy one or the top positions worldwide.

Known products

Sponsorship

Participation in Solar Impulse

Solar Impulse solar plane in Hawaii in April 2016

Covestro has been the official international partner of the Solar Impulse project since 2010 . Among other things, the company supplies polyurethane and polycarbonate parts that significantly reduce the weight of the solar airplane and also ensure the safety of the pilot. The company is also heavily involved in the design and construction phase of the cockpit in the current model of the aircraft, Si2. The sponsorship contract was extended in November 2015 to the end of 2018.

Covestro Science Lab school laboratory

On the site of the Chempark in Leverkusen , the company operates the Covestro Science Lab (up to the spin-off Baylab plastics ). The first content and topics for the plastics laboratory were put together in autumn 2005. At the end of 2006 it was tested by training groups, the first groups of schoolchildren visited the school laboratory in January 2007, and at the beginning of October 2007 it was opened by Andreas Pinkwart . The aim of the facility is to provide an insight into everyday work and research in a chemical company.

Web links

Commons : Covestro  - collection of images, videos and audio files

Individual evidence

  1. ↑ Change at the top of the Executive Board at the end of the third quarter of 2018 Covestro press release of May 24, 2018 .; accessed on June 6, 2018
  2. ↑ Our board of directors | Covestro. Retrieved August 21, 2019 .
  3. ↑ a b c Annual Report 2019. Retrieved on February 19, 2020 .
  4. ↑ Ulf Meinke: Covestro, Uniper, Vonovia - corporations rely on new names. In: derwesten.de. Westdeutsche Allgemeine Zeitung , August 17, 2015, accessed on February 28, 2016 .
  5. ↑ Covestro's IPO should bring billions. Kölner Stadt Anzeiger , September 18, 2015, accessed on September 20, 2015 .
  6. ↑ Michael Maisch: New share issue: How Bayer wants to save the Covestro IPO. Handelsblatt , October 1, 2015, accessed on October 1, 2015 .
  7. ↑ Press release: Covestro moves up to the MDAX. Covestro AG, accessed December 4, 2015 .
  8. ^ Covestro AG and Ströer SE included in MDAX. Deutsche Börse AG , accessed on December 4, 2015 .
  9. ↑ Covestro included in the STOXX Index. Retrieved April 4, 2016 .
  10. ↑ Deutsche Börse Group - Covestro replaces ProSiebenSat.1 Media in the DAX index. Retrieved March 6, 2018 .
  11. ↑ Result of the scheduled review of the DivDAX 2018. Accessed on January 10, 2019 .
  12. ↑ a b Overview - Covestro Investor Relations. Retrieved June 12, 2019 .
  13. ↑ BaFin - Significant shares of voting rights according to Sections 33, 38 and 39 of the Securities Trading Act (WpHG). In: bafin.de. Retrieved March 11, 2020 .
  14. ↑ Bert Fröndhoff: Bayer spin-off Covestro: A plastics manufacturer is flourishing. Handelsblatt , July 26, 2016, accessed on November 1, 2017 .
  15. ↑ a b Annual Report 2016 (PDF; 7.8 MB) Covestro AG, February 20, 2017, p. 54 , accessed on November 1, 2017 .
  16. ^ Thomas Käding: World Cup in Brazil: Bayer plastic in the World Cup ball. Kölner Stadt Anzeiger , June 11, 2014, accessed on February 23, 2016 .
  17. ↑ Sponsorship agreement extended: Polymer manufacturer Covestro continues partnership with Solar Impulse. Solarserver, November 29, 2015, archived from the original on February 4, 2016 ; Retrieved February 4, 2016 .
  18. ↑ Solar Impulse RTW - Infocard covestro. Archived from the original on February 4, 2016 ; accessed on February 4, 2016 .
  19. ↑ Covestro continues partnership with Solar Impulse. November 26, 2015, accessed February 4, 2016 .
  20. ↑ Hands-on chemistry in our school laboratory | Covestro. Retrieved June 11, 2019 .