Covestro AG

Covestro AG is a leading German specialty chemicals company and one of the world's largest manufacturers of high-performance polymer materials, headquartered in Leverkusen, Germany. Founded in 2015 as a spin-off from Bayer AG's MaterialScience division, Covestro traces its technological heritage to 1937 when chemist Otto Bayer first synthesized polyurethane in Leverkusen, revolutionizing the polymer industry. The company specializes in producing essential raw materials for polyurethanes and polycarbonates, including isocyanates, polyols for cellular foams, thermoplastic polyurethane pellets, polycarbonate pellets, and polyurethane-based additives used in coatings and adhesives formulations. With approximately 17,500 employees operating across 46 production sites worldwide, Covestro serves diverse industries including automotive, construction, electronics, furniture, sports and leisure, cosmetics, and healthcare sectors. The company's innovative materials are integral to modern applications ranging from lightweight automotive components and energy-efficient building insulation to smartphone housings and medical devices. Covestro generates annual revenues of approximately EUR 14.2 billion and maintains a strong focus on sustainability and circular economy principles, developing bio-based and recycled raw materials to reduce environmental impact. Following its successful initial public offering on the Frankfurt Stock Exchange in October 2015, Covestro operated as an independent DAX-listed company until 2024. In December 2024, Abu Dhabi National Oil Company (ADNOC) successfully completed a takeover of Covestro through ADNOC International at EUR 62.00 per share, valuing the company at approximately EUR 16 billion including debt. This strategic acquisition positions Covestro as the foundational platform for ADNOC's Performance Materials and Specialty Chemicals business, supporting ADNOC's ambition to become a top-five global chemicals player while maintaining Covestro's German corporate structure, headquarters in Leverkusen, and co-determined governance model under German law.