Covestro says China is where the largest growth - sportstextiles: Lea SportsTextiles

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Covestro says China is where the largest growth is

31/05/2017
The chief finance officer of polymer manufacturer Covestro, Frank Lutz, has paid tribute to the “strong footprint” that Bayer began to build up in China about 15 years ago. Bayer’s material science division was spun off and renamed Covestro in 2015.

Speaking to business media group Bloomberg in Hong Kong on May 31, Mr Lutz said Bayer’s decision was paying off for Covestro because it’s in the Chinese market that the company is now seeing the largest growth.

“We are seeing a large demand for polyurethanes in the Chinese market,” he said, and he added that Covestro is having no difficulty running its production network there. “Our products are important,” he said, “and the government, especially the government in Shanghai where we have our production base, wants a balance in the economy between financial services and production, so we are able to secure all the permits we need.”

He told Bloomberg that Covestro now sees mergers and acquisitions as a possible path to growth, having reduced debt it inherited when spinning off from Bayer more quickly than it anticipated.


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Covestro CEO to step down earlier than expected 16/04/2018
Covestro selects winners of employee start-up challenge 28/02/2018
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Six-project shortlist for Covestro’s start-up challenge 06/11/2017
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Major management reshuffle at Covestro 25/08/2017
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