Covestro AG is a German company producing polyurethane and polycarbonate raw materials. Products include isocyanates and polyols for cellular foams, thermoplastic polyurethane and polycarbonate pellets, as well as polyurethane based additives used in the formulation of coatings and adhesives.[2] It is a Bayer spin-off formed in the fall of 2015 and was formerly called Bayer MaterialScience.[3][4]
Covestro shares were first offered on the Frankfurt Stock Exchange in October 2015.[5] Bayer sold its entire remaining stake in May 2018, Bayer's pension fund had a 6.8% stake managed separately.[6] On October 1st 2024, Abu Dhabi National Oil Company (ADNOC) announced a deal to buy Covestro for 14.7 billion euro.[7]
The main industries served are automotive manufacturing and supply, electrical engineering and electronics, construction and home products, and sports and leisure. Their products include coatings and adhesives, polyurethanes that are used in thermal insulation, electrical housings, and as a component of footwear and mattresses, and polycarbonates such as Covestro's Makrolon, which are highly impact-resistant plastics.[3] Covestro polyurethane was used in the 2014 official FIFA World Cup football.[8] Before 2019, Covestro enjoyed rapid earnings growth following supply shortages of chemicals used in foams.[9]
In September 2023, Covestro announced that it was in talks with the Abu Dhabi National Oil Company (ADNOC), which was interested in acquiring the company.[10] On October 1, 2024, Covestro announced that it supported a takeover bid by ADNOC in the amount of €62 per share. The Abu Dhabi state-owned company would thus acquire Covestro for up to €16 billion.[11][12] The acquisition is expected to be completed in the second half of 2025.[13]
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