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Covestro - statistics & facts

Covestro LLC is a manufacturer of premium, high-tech polymers, based in Leverkusen Germany. The company’s North American headquarters is situated in Pittsburgh, Pennsylvania. It was spun out of the material science division of Bayer AG in 2015 in a 11.9 billion euro sale. It is the world's leading producer of aliphatic isocyanate derivatives, polyurethane dispersions, polycarbonates, and toluene diisocyanate, in addition to being among the top five producers of several other polymers. Covestro's sales revenue amounted to 15.9 billion euros in 2021.

Covestro: a brief overview

The company’s name denotes: collaboration (CO), invested (VEST) and strong (STRO). Covestro is comprised of two main segments: Performance materials and Solutions & Specialties. The Performance Materials segment includes standard polycarbonates, urethanes and base chemical businesses, whereas the Solutions & Specialties segment comprises six different business units, which are separated as follows: Engineering Plastics, Coatings and Adhesives, Tailored Urethanes, Thermoplastic Polyurethanes, Specialty Films, and Elastomers. The company's Performance materials segment is the highest-earning segment, with sales revenue of 8.14 billion euros in 2021. That amounted to a 51 percent share of the company's revenue.

Covestro’s segments serve the automotive, electrical and electronics, construction and home products, as well as the sports and leisure industries. As of year end 2021, the number of employees working for Covestro stood at 17,557. The company’s component product materials are found in mattresses, footwear, laptops, building and refrigeration insulation, automotive headlamps, car seats, and in several polycarbonates.

Covestro to become fully circular

In 2020, Covestro began its new sustainability strategy, including the plan to transition to being fossil fuel-free. With the first alternative feedstock already sourced, and the adoption of energy-efficient technologies, the company has already made noteworthy progress. Covestro also secured the world's largest corporate supply contract for offshore wind energy as of 2019 with the Danish wind energy company Ørsted.

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