• The guiding principle: to become fully circular

• Milestone in implementing the new strategy achieved

• Business reorganized into seven business entities

• Future reporting in two segments

• Focus on customer centricity and sustainability

“We’re very serious about sustainability and are systematically working toward a circular economy. That will enable us to position Covestro ideally for the future,” said CEO Dr. Markus Steilemann. “Our new structure now forms the foundation for further implementing our strategy and achieving sustainable growth. We’ll become an even better partner to our customers and thus increase our competitiveness further.”

Orientation toward customers’ needs and market requirements

In keeping with the first chapter of the strategy – “Become the best of who we are” – the Group has now focused its businesses even more closely on the requirements of individual markets and aligned them to a greater degree with its customers’ needs. In its new structure, Covestro has organized the seven business entities in a setup based precisely on their individual success factors and integrated all operational activities throughout the value chain that are critical to success into these new entities.

The Group now distinguishes the two segments “Solutions and Specialties” and “Performance Materials.”

• Solutions and Specialties: This segment comprises the six business entities Tailored Urethanes, Thermoplastic Polyurethanes, Coatings and Adhesives, Elastomers, Engineering Plastics, and Specialty Films. The focus here is on complex products with a high pace of innovation, which Covestro combines with application technology services.? 

• Performance Materials: This business entity forms a separate segment comprising the businesses with standard polycarbonates, standard urethane components and base chemicals. The focus here is on reliably delivering standard products at competitive market prices.

Covestro will report in the two new segments “Solutions and Specialties” and “Performance Materials” for the first time in the third quarter of 2021. The Quarterly Statement is scheduled to be published on November 8, 2021.