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Covestro CFO Says Expect Challenging Pricing Environment To Continue In 2020
Covestro Narrows Forecast As Q3 Operating Profit Fell By 51% Y/Y
Covestro To Sell European Polycarbonate Sheets Business To Serafin Group
Covestro AG is a Germany-based company engaged in the manufacturing of polymer materials. It develops, produces and markets polyurethanes, polycarbonates and raw materials, as well as coatings, adhesives and other specialties. The Company's activities are divided into three segments: Polyurethanes, offering precursors, such as flexible polyurethane foam primarily used in the furniture and automotive industries, and rigid foam used as insulating material in the construction industry and in refrigeration chains; Polycarbonates, providing plastic polycarbonates in the form of granules, composite materials, and semi-finished products for use in the automotive, construction, medical technology, lighting industries, among others; and Coatings, Adhesives, Specialties, producing precursors for coatings, adhesives, sealants and specialties, as well as polymer materials and aqueous dispersions for use in automotive and transportation, wood processing and furniture applications, among others.
Containers & Packaging
Independent Chairman of the Supervisory Board
Chairman of the Management Board, Chief Executive Officer
Vice Chairman of the Supervisory Board
Member of the Management Board, Chief Financial Officer, Labor Director
Member of the Management Board, Chief Technology Officer
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German chemicals maker Covestro AG narrowed its full-year forecast on Monday amid a challenging economic environment, particularly in the automotive sector, as it reported mixed third-quarter results.
German chemicals maker Covestro AG confirmed its full-year core profit outlook on Wednesday, saying it met its second-quarter targets despite challenging global economic conditions, competitive pressures and weakness in the automotive industry.
German chemicals maker Covestro said core profit fell 58 percent, with product prices under pressure as rivals bolster their output.
* Shares fall as much as 5 percent (Adds analyst comment, shares)
German chemicals maker Covestro said its 2019 core earnings could fall to as little as half of last year's level as rivals removed production bottlenecks.
* Q3 EBITDA 859 mln eur vs 830 mln eur poll avg (Adds details on earnings development, outlook)
Germany's Covestro plans to reduce costs by 350 million euros ($400 million) per year from 2021, aiming to reign in an increase in expenses from an investment push to widen output capacity.
* Baytown project expenditures to peak 2021-2023 (Adds CEO comment on rival projects, investment spread over time)
Germany's Covestro, the former plastics unit of Bayer, will invest 1.5 billion euros ($1.7 billion) in a new production plant in Baytown, Texas for chemicals that go into rigid insulation foams.
Bayer is inviting financial investors to bid for its 60 percent stake in chemical park operator Currenta after initially failing to agree a sale to its former chemicals subsidiary Covestro, three people familiar with the matter told Reuters.
* Q2 EBITDA up 16.2 percent to 985 bln euros vs f'cast 1.2 bln
Germany's Covestro raised its earnings guidance and bolstered its investment ambitions, encouraged by strong demand for its specialty materials such as transparent polycarbonate plastics.
Higher Prices for foam chemicals and transparent plastics helped Germany's Covestro post a gain of more than a quarter in quarterly core earnings.
Covestro, a maker of materials for insulation foams and transparent plastics, will replace broadcaster ProSiebenSat.1 Media in Germany's blue-chip DAX index, after Bayer sold off Covestro shares.
Covestro, a maker of materials for insulation foams and transparent plastics, will replace broadcaster ProSiebenSat.1 Media on Germany's blue-chip DAX index, stock exchange operator Deutsche Boerse said.
Germany's Covestro, a maker of materials for insulation foams and transparent plastics, said it would generate cash at a faster rate than previously thought, helped by demand from undersupplied global materials markets.
* KBR AWARDED MULTI-YEAR ENGINEERING SERVICES CONTRACT FOR COVESTRO'S NORTH AMERICAN SITES Source text for Eikon: Further company coverage:
Bayer <BAYGn.DE>, the drug company that is buying seed maker Monsanto <MON.N>, has raised 1.8 billion euros ($2.15 billion) from selling a 10.4 percent stake in Covestro <1COV.DE>, nearing a complete divestment from the plastics company.
German drugs and pesticides group Bayer sold 21 million shares in chemicals group Covestro for 86.25 euros per share, raising 1.8 billion euros ($2.15 billion), more than it had expected.
German drugs and pesticides group Bayer <BAYGn.DE> on Wednesday said it was selling more of its stake in chemicals group Covestro <1COV.DE>, aiming to raise about 1.5 billion euros ($1.8 billion) in an accelerated bookbuilding process.
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