Covestro has restructured its organization effective July 1, 2021, and successfully reorganized its previously three segments – Polyurethanes, Polycarbonates, and Coatings, Adhesives, Specialties – into seven new, tailored business entities. The company has thus achieved a first milestone in implementing its new “Sustainable Future” strategy, which the Group had presented in February 2021. The vision of Covestro to become fully circular is the guiding principle of this strategy.

“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.”

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.

Focus on sustainable growth

In the second chapter of the strategy – “Drive sustainable growth” – Covestro combines the consistent alignment of products and processes with its customers’ needs with an even sharper focus on addressing sustainability in a profitable way.
 

Covestro’s long-term vision is to be realized in the third strategic chapter: “Become fully circular.” As part of that, the Group intends to accelerate transformation to a climate-neutral and resource-conserving economy.