Covestro

Covestro is a Germany-based materials company whose commercial identity emerged from Bayer MaterialScience, the former materials division of Bayer. The business became legally independent on September 1, 2015, and Covestro AG was subsequently listed on the Frankfurt Stock Exchange on October 6, 2015. The company retained its headquarters in Leverkusen and developed as a focused producer of polymer raw materials, specialty chemicals, and application-oriented material solutions rather than as a diversified pharmaceutical, healthcare, or agricultural group. Its core portfolio is centered on polyurethane raw materials, polycarbonates, and coatings, adhesives, specialties. Polyurethane products include isocyanates such as MDI and TDI, polyols, thermoplastic polyurethane, additives, and systems used to formulate foams, elastomers, coatings, adhesives, sealants, footwear, mattresses, refrigeration insulation, construction insulation, automotive components, and industrial products. Polycarbonate products include resin pellets, compounds, films, and specialty grades sold under brands such as Makrolon. These materials are valued for combinations of impact resistance, light weight, design flexibility, electrical insulation, thermal performance, and processability. Covestro primarily sells business-to-business materials and technical solutions. Its customers and downstream partners operate in automotive manufacturing and supply, construction, electrical and electronic equipment, appliances, healthcare, sports, leisure, furniture, textiles, footwear, and consumer goods. The company therefore occupies an intermediate position in industrial value chains: it generally does not sell finished consumer products, but its materials can be found in vehicle lighting and interiors, smartphone components, appliance insulation, medical devices, protective coatings, identity-document films, furniture finishes, and sporting goods. The company inherited a long technical lineage from Bayer and earlier chemical businesses. Important historical foundations include Otto Bayer's polyurethane work in the 1930s, Bayer's expansion in polymers and rubber-related materials, the establishment of Bayer MaterialScience as a legally independent subgroup in 2004, large investments in China and Germany, and the development of large-scale production technologies for polyurethane intermediates. Covestro's own independent era began with a carve-out from Bayer in 2015. Bayer progressively reduced its holding and sold its remaining direct stake in 2018, leaving Covestro as an independent listed materials producer until its later acquisition by XRG. Covestro's strategic positioning has increasingly emphasized circular-economy materials, renewable and alternative raw materials, recycling technologies, climate-conscious production, and digitalization. Its public sustainability direction has included the use of renewable or recycled feedstocks, lower-emission production processes, recycling of polymer products, and long-term climate-neutrality goals. The company has also used partnerships and application development to move beyond commodity chemistry toward differentiated material systems and customer-specific engineering support. In 2023, Covestro disclosed discussions with Abu Dhabi National Oil Company regarding a possible acquisition. In 2024, Covestro's management supported a voluntary takeover offer by ADNOC's chemicals investment platform, later known as XRG. The transaction was completed on December 10, 2025, together with a planned EUR 1.17 billion capital increase. Covestro continued as a German stock corporation with its established management and operating structure, while XRG became its controlling strategic shareholder. In May 2026, shareholders approved the transfer of minority shares to XRG for EUR 59.46 per share under a statutory squeeze-out process. The transaction marked a change in ownership and capital-market status, but Covestro remained an active ope…

Covestro's history combines Bayer's long-running polymer and chemical activities with the creation of a separately managed materials company in the twenty-first century. The technical lineage reaches back to Otto Bayer's polyurethane research in the 1930s and to the development of industrial plastics, rubber materials, coatings, and related chemical intermediates within the Bayer group. Over subsequent decades, Bayer expanded its presence in polyurethane raw materials, polycarbonates, rubber, coatings, and other performance materials through internal development, international production, and acquisitions. The modern organizational predecessor was Bayer MaterialScience. Bayer separated its materials activities into Bayer MaterialScience AG as part of a broader corporate reorganization in 2004. During the following decade the business increased its manufacturing and technology footprint. Important developments included major production investments in China, the expansion of polyurethane-intermediate capacity in Germany, the construction of large integrated sites, and the development of technologies intended to reduce energy use and emissions in chemical production. Bayer MaterialScience also commercialized products and processes for polycarbonate components, polyurethane foams, coatings, adhesives, specialty films, and thermoplastic materials. Bayer announced in September 2014 that it intended to place the MaterialScience operations into a stock corporation and bring the business to the stock market. Covestro AG was established as a German stock corporation in August 2015. Effective September 1, 2015, Bayer MaterialScience began operating under the Covestro name and became legally independent, although Bayer initially remained its sole shareholder. The new identity was accompanied by a new corporate culture and the stated ambition to compete more flexibly as a focused global polymer-materials supplier. Covestro's initial operating structure centered on three businesses: Polyurethanes; Polycarbonates; and Coatings, Adhesives, Specialties. The company operated production facilities, research laboratories, technical service centers, and sales offices across Europe, Asia, North America, and other regions. Its products were aimed principally at industrial customers that use polymers as components in finished goods or as inputs into manufacturing processes. The company listed its shares on the Frankfurt Stock Exchange on October 6, 2015. It became a member of the MDAX later that year and entered the DAX in March 2018. During the early independent period, the business benefited from strong demand and supply constraints affecting several chemical intermediates, which contributed to rapid earnings growth before market conditions became more difficult. Bayer gradually sold down its holding and exited its remaining direct stake in 2018, completing the practical ownership separation between the two groups. Covestro's product and technology history includes the Makrolon polycarbonate brand, polyurethane raw materials and systems sold through brands such as Desmodur and Baydur, thermoplastic polyurethane under Desmopan, and specialty technologies including INSQIN for polyurethane-coated textiles and Pasquick for polyaspartic coatings. The company also participated in high-visibility applications. Its polyurethane materials were used in the official football of the 2014 FIFA World Cup, while lightweight polyurethane and polycarbonate materials contributed to the Solar Impulse solar-powered aircraft project, which completed a round-the-world flight in 2015. Management changed in 2018 when Markus Steilemann succeeded Patrick Thomas as chief executive officer. Steilemann's tenure placed additional emphasis on innovation, sustainability, climate neutrality, circularity, renewable feedstocks, recycling, and digital transformation. Covestro subsequently promoted technologies using recycled and renewable resources, including alternative feedstocks for polyurethane intermediates and circular-economy material solutions. The company also continued to adjust its portfolio through divestments and acquisitions, including the 2019 sale of its European systems-houses business to H.I.G. Capital and the 2025 acquisition of Pontacol, a specialty-film producer. A major ownership transition began with discussions between Covestro and ADNOC in 2023. In 2024, Covestro's management supported a voluntary takeover offer associated with ADNOC's international chemicals investment platform, later named XRG. After regulatory clearances and the completion of the offer, the strategic partnership closed on December 10, 2025. The arrangement included a EUR 1.17 billion capital increase and left Covestro operating as a German stock corporation while giving XRG effective control. At the end of 2025, ADNOC-related entities held approximately 95% of Covestro's shares. In May 2026, Covestro shareholders approved a statutory squeeze-out transferring minority shares to XRG for EUR 59.46 per share. Documents prepared for the transaction stated that Covestro shares would cease to be traded on the stock exchange as the delisting process proceeded. Covestro therefore entered a new phase: still an active global materials company with the Covestro brand, but no longer a widely held public company in the same sense as during its 2015–2025 listed period.

• 2026

  Minority-shareholder squeeze-out approved

  [8]Covestro Annual General Meeting approves transfer of the minority shareholders' shares to XRGcovestro.com

  The annual general meeting approved transfer of minority shares to XRG for EUR 59.46 per share.

• 2025

  Ten years as Covestro

  [12]Ten years as Covestrocovestro.com

  Covestro marked the tenth anniversary of its carve-out from Bayer and highlighted innovation, circularity, renewable materials, and digitalization.

• 2025

  Pontacol acquisition completed

  [7]Covestro Annual Financial Report 2025annualreport.covestro.com

  Covestro completed its acquisition of Pontacol AG on August 28, 2025, adding multilayer adhesive films to its specialty-films portfolio.

• 2025

  XRG strategic partnership closes

  [6]Covestro and XRG commence strategic partnership: Transaction successfully closedcovestro.com

  Covestro and XRG completed their strategic partnership on December 10, 2025, including a EUR 1.17 billion capital increase.

• 2019

  European systems-houses business sold

  [1]Covestroen.wikipedia.org

  H.I.G. Capital acquired Covestro's European systems houses business.

• 2018

  DAX inclusion

  [2]History of Covestrocovestro.com

  Covestro entered the DAX effective March 19, 2018.

• 2018

  Markus Steilemann becomes CEO

  [11]Markus Steilemann becomes CEOcovestro.com

  Markus Steilemann succeeded Patrick Thomas as chief executive officer on June 1, 2018.

• 2015

  Covestro becomes independent

  [4]Covestro up and runningcovestro.com

  Bayer MaterialScience began operating as Covestro on September 1, 2015, with headquarters remaining in Leverkusen.

• 2015

  Frankfurt stock-market debut

  [2]History of Covestrocovestro.com

  Covestro AG shares began trading on the Frankfurt Stock Exchange on October 6, 2015.

• 2014

  Dormagen TDI expansion

  [2]History of Covestrocovestro.com

  A large-scale TDI production plant using Covestro technology came on stream at Dormagen in Germany.

• 2004

  Bayer MaterialScience becomes an independent subgroup

  [2]History of Covestrocovestro.com

  Bayer reorganized its materials activities into the legally independent Bayer MaterialScience AG subgroup.

• 2001

  Shanghai integrated site begins development

  [2]History of Covestrocovestro.com

  Bayer began developing a major integrated production site in Shanghai for plastics and chemical precursors.

• 1937

  Polyurethane discovery

  [2]History of Covestrocovestro.com

  Otto Bayer's polyurethane research established a foundational technology lineage for the later Bayer and Covestro materials businesses.

A technology-led business-to-business supplier of high-performance polymers and chemical intermediates, positioned around application engineering, industrial performance, material innovation, and the transition toward more circular and lower-emission production.

• Polycarbonate

  Makrolon

  Makrolon is Covestro's principal polycarbonate brand. The material is supplied in resin, compound, and specialty forms for applications requiring impact resistance, low weight, design freedom, electrical insulation, and durability. Uses include automotive components, glazing, electronics housings, medical devices, consumer products, and architectural applications. Covestro has also developed specialty polycarbonate grades and films for demanding optical, electrical, and mobility applications.

• Polyurethane isocyanates and curing agents

  Desmodur

  Desmodur covers polyurethane-related isocyanates and curing-agent technologies used in coatings, adhesives, elastomers, foams, and other formulated materials. The portfolio includes conventional and more sustainable options, including bio-based curing-agent developments associated with Desmodur eco. These materials help customers create hard-wearing protective surfaces, flexible systems, bonding products, and industrial finishes.

• Polyurethane systems and molded materials

  Baydur

  Baydur is associated with polyurethane systems used to produce rigid, semi-rigid, and structural molded components. Applications include automotive parts, construction elements, appliances, furniture, and industrial products. The systems can be formulated to balance low density, dimensional stability, insulation, surface quality, and processing efficiency.

• Thermoplastic polyurethane

  Desmopan

  Desmopan is Covestro's thermoplastic polyurethane family. It is used where elasticity, abrasion resistance, chemical resistance, flexibility, and processability are required. Typical applications include footwear components, cable sheathing, films, hoses, seals, automotive parts, sporting goods, and medical or industrial products.

• Waterborne polyurethane technology · 2014

  INSQIN

  INSQIN is a technology platform for polyurethane-coated fabrics and related textile materials. Its waterborne polyurethane processes are designed to reduce or eliminate solvent-intensive manufacturing steps in applications such as apparel, footwear, upholstery, and accessories. The platform also includes supply-chain collaboration intended to support more transparent and sustainable coated-textile production.

• Polyaspartic coating technology · 2015

  Pasquick

  Pasquick is an umbrella brand for polyaspartic coating technology. The systems are designed for demanding indoor and outdoor coatings and can reduce the number of application layers while providing protection, handling performance, and faster project execution. The technology is used in industrial and architectural coating contexts.

• Specialty films

  Specialty films and multilayer adhesive films

  Covestro's specialty-films activities include high-performance films and, following the acquisition of Pontacol, multilayer adhesive films. These products serve applications in medical technology, mobility, textiles, identification documents, electronics, and industrial laminates where controlled adhesion, barrier performance, optical properties, and mechanical durability are important.

• 2018Young Champions of the Earth

  Global

  Covestro participated with the United Nations in the Young Champions of the Earth initiative, supporting young people developing environmental solutions.

  Outcome. The initiative connected Covestro's corporate reputation with youth innovation and environmental entrepreneurship.

  Source
• 2015Solar Impulse

  Global

  Covestro supported the Solar Impulse project with lightweight and insulating materials for the solar-powered aircraft, including polyurethane foam used in cockpit insulation.

  Outcome. The materials contributed to the aircraft's successful 40,000-kilometer flight around the world and linked Covestro's brand with lightweighting and clean-technology innovation.

  Source
• 2015Making the world a brighter place

  Global

  At the time of its independence from Bayer MaterialScience, Covestro introduced the vision 'To make the world a brighter place,' supported by a colorful visual identity and messaging around innovation, growth, social benefit, and reduced environmental impact.

  Outcome. The campaign established the independent company's early brand platform and differentiated Covestro from its former Bayer identity.

  Source
• 20142014 FIFA World Cup material partnership

  Global

  Covestro polyurethane was used in the official football for the 2014 FIFA World Cup. The association demonstrated the use of engineered polyurethane materials in a highly visible sporting product.

  Outcome. The football became a prominent public example of Covestro's materials technology and international application reach.

  Source

• 2026

  Approve statutory squeeze-out of minority shareholdersM&A

  Background

  After XRG and affiliated ADNOC entities accumulated approximately 95% of Covestro's shares, the company proceeded with a German-law squeeze-out of remaining minority investors.

  Action taken

  The May 19, 2026 annual general meeting approved transfer of minority shareholders' shares to XRG against cash compensation of EUR 59.46 per share.

  Aftermath

  The transaction is intended to remove the remaining minority shareholding and end regular trading of Covestro shares as the delisting process proceeds.

  Cash compensation per minority share. EUR 59.46 per share (Approved May 19, 2026)

  Source

• 2025

  Acquire PontacolM&A

  Background

  Covestro sought to strengthen its specialty-films activities with differentiated adhesive-film technology.

  Action taken

  Covestro completed the acquisition of Pontacol AG on August 28, 2025.

  Aftermath

  The acquisition added multilayer adhesive films serving medical technology, mobility, and textile applications.

  Source

• 2025

  Complete XRG strategic partnershipM&A

  Background

  Following discussions beginning in 2023 and a supported voluntary takeover offer in 2024, Covestro and XRG obtained the necessary approvals for a change in strategic ownership.

  Action taken

  The transaction closed on December 10, 2025. An agreed EUR 1.17 billion capital increase was implemented as part of the partnership.

  Aftermath

  XRG became Covestro's controlling strategic shareholder while Covestro retained its German stock-corporation form and operating autonomy.

  Capital increase. EUR 1.17 billion (December 10, 2025)

  Source

• 2020

  Accelerate circular-economy strategyStrategy

  Background

  Covestro positioned circularity, alternative raw materials, renewable energy, recycling, and climate-conscious products as central to its long-term development.

  Action taken

  The company expanded work on recycled and renewable feedstocks, circular material technologies, lower-emission production, and digital tools for more efficient operations.

  Aftermath

  Circular-economy solutions became a defining element of Covestro's public strategy and product-development narrative.

  Source

• 2019

  Sell European systems-houses businessM&A

  Background

  Covestro reviewed the scope of its systems-house activities and portfolio focus.

  Action taken

  H.I.G. Capital acquired Covestro's European systems houses business.

  Aftermath

  The transaction narrowed Covestro's direct systems-house footprint and allowed the company to concentrate more closely on core materials and chemical technologies.

  Source

• 2018

  Change chief executive leadershipStrategy

  Background

  Patrick Thomas notified the supervisory board that he would not seek a further term beyond 2018 after leading Bayer MaterialScience and Covestro for more than a decade.

  Action taken

  Markus Steilemann was appointed as successor and became CEO on June 1, 2018, earlier than the originally expected September transition.

  Aftermath

  The change provided continuity from the company's early independent period while placing greater emphasis on innovation, sustainability, and circular-economy development.

  Source

• 2015

  Separate Bayer MaterialScience and create CovestroStrategy

  Background

  Bayer announced a plan to separate its materials business from the Bayer Group and prepare it for an independent stock-market presence.

  Action taken

  Covestro AG was established in August 2015, the business began operating under the Covestro name on September 1, and the shares were listed in October.

  Aftermath

  Covestro became a focused independent polymer-materials company, while Bayer progressively reduced and ultimately sold its direct shareholding.

  Source

• Unconfirmed

  Reported2022.02.23

  Covestro sites receive ISCC Plus certification[13]Covestro两处德国工厂获得ISCC Plus认证european-coatings.com

  Covestro received ISCC Plus mass-balance certification for its Leverkusen and Dormagen sites in Germany.

• 2022.01.19

  Reported2022.01.19

  FFI and Covestro agree to pursue long-term green hydrogen supply[14]FFI与科思创拟签订长期绿氢供应协议chinatimes.com

  Fortescue Future Industries and Covestro entered a non-binding memorandum of understanding for FFI to supply Covestro with up to 100,000 tonnes of green hydrogen equivalent annually; delivery was expected to begin in 2024 at three potential locations in Asia, North America and Europe.

• 2021.11.10

  Reported2021.11.10

  Covestro launches durable medical-device materials[15]科思创推出耐用型医疗器械材料prnewswire.com

  Covestro announced the launch of Makrolon M6011 FR and Makroblend M5005 FR, materials for medical-device housings and hardware featuring improved disinfectant resistance and next-generation flame retardancy.

• Unconfirmed

  Reported2021.04.12

  Covestro completes acquisition of RFM from DSM[16]科思创完成对帝斯曼RFM业务的收购european-coatings.com

  Covestro completed its acquisition of Royal DSM’s Resins & Functional Materials business (RFM).

• 2021.04.01

  Reported2021.04.02

  Covestro completes acquisition of DSM's Resins and Functional Materials business[17]科思创完成收购帝斯曼树脂和功能材料业务chinatimes.com

  Covestro completed its acquisition of Royal DSM's Resins and Functional Materials business on April 1, 2021, after the transaction received regulatory approval.

• 2021.02.11

  Reported2021.02.11

  Covestro announces Shanghai production capacity expansion[18]科思创宣布扩大上海生产产能compositesworld.com

  Covestro announced plans for a new polyurethane dispersions production facility and an additional polyester resins line at its integrated site in Shanghai, with the plants due to be completed in 2024.

• 2020.11.12

  Reported2020.11.12

  Covestro starts construction of Vulkollan raw-materials plant in Thailand[19]科思创在泰国启动Vulkollan原材料工厂建设chemengonline.com

  Covestro started construction of a new production plant for Vulkollan raw materials in Thailand. Production is scheduled to start at the end of 2022.

• 2020.06.25

  Reported2020.06.25

  Tuplus releases carbon-fiber suitcase in its Core lineup[20]Tuplus推出Core系列碳纤维行李箱compositesworld.com

  Tuplus released a 25-inch carbon-fiber suitcase in its Core lineup, available for sale in China. Its front and back shells use Maezio polycarbonate-based composites from Covestro.

• Unconfirmed

  Reported2020.05.27

  Covestro and Teknor Apex sign TPU compounding cooperation agreement[21]科思创与 Teknor Apex 签署 TPU 复合材料合作协定chinatimes.com

  Covestro and Teknor Apex signed a cooperation agreement to work together on thermoplastic polyurethane (TPU) compounding, including joint development and marketing of Desmoflex products.

• Unconfirmed

  Reported2020.04.22

  Covestro expands environmental education app to mainland China, Hong Kong and Thailand[22]科思创将环境教育App推广至中国大陆、香港及泰国chinatimes.com

  Covestro expanded the availability of its bilingual environmental education story app to mainland China, Hong Kong and Thailand.

Read more

1. 1Covestroen.wikipedia.org
2. 2History of Covestrocovestro.com
3. 3Covestro as a Companycovestro.com
4. 4Covestro up and runningcovestro.com
5. 5Covestro Annual Report 2015covestro.com
6. 6Covestro and XRG commence strategic partnership: Transaction successfully closedcovestro.com
7. 7Covestro Annual Financial Report 2025annualreport.covestro.com
8. 8Covestro Annual General Meeting approves transfer of the minority shareholders' shares to XRGcovestro.com
9. 9Covestro AGM 2026 Transfer Reportcovestro.com
10. 10Covestro Supervisory Boardcovestro.com
11. 11Markus Steilemann becomes CEOcovestro.com
12. 12Ten years as Covestrocovestro.com
13. 13Covestro两处德国工厂获得ISCC Plus认证european-coatings.com
14. 14FFI与科思创拟签订长期绿氢供应协议chinatimes.com
15. 15科思创推出耐用型医疗器械材料prnewswire.com
16. 16科思创完成对帝斯曼RFM业务的收购european-coatings.com
17. 17科思创完成收购帝斯曼树脂和功能材料业务chinatimes.com
18. 18科思创宣布扩大上海生产产能compositesworld.com
19. 19科思创在泰国启动Vulkollan原材料工厂建设chemengonline.com
20. 20Tuplus推出Core系列碳纤维行李箱compositesworld.com
21. 21科思创与 Teknor Apex 签署 TPU 复合材料合作协定chinatimes.com
22. 22科思创将环境教育App推广至中国大陆、香港及泰国chinatimes.com