Covestro Posts Strong 2017 Results

German materials manufacturer, Covestro, has reported over 18% increase in Group sales in fiscal year 2017 to €14.1-bn over the past fiscal year. Net income more than doubled from €795-mn to €2.0-bn.

“We have achieved an impressive result in 2017 and significantly exceeded our overall targets. Compared with our first year as an independent company, we have once again clearly improved and demonstrated that our success is sustainable,” commented CEO, Mr. Patrick Thomas.

For 2018, Covestro expects solid growth in the main customer industries including the automotive, furniture, construction, and electrical and electronics industries. Within these industries, Covestro considers, in particular, the social trend toward greater sustainability as a driver of growth. “In more and more industries, customers are increasingly looking for sustainable solutions and that is exactly what we offer. We are extremely well positioned to take advantage of the exceptional growth potential in these future-oriented segments,” said Mr. Thomas. He further mentioned areas of growth such as e-mobility, energy-efficient construction and energy-saving LED lamps.

In the coming years, Covestro said it plans to significantly increase investments to continue to take advantage of the expected growth in the main customer industries. “These investments include all segments and regions, and are expected to be in excess of the depreciation level,” the company said and added that it would keep looking for acquisition opportunities.