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Covestro taps China for profit
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COVESTRO runs a profitable operation as one of the world’s largest polymer companies as it rides on the sales growth in China’s polyurethanes and polycarbonates business.
The materials manufacturer, split from Bayer last year, said its earnings before interest, tax, depreciation and amortization surged 29.3 percent year on year in the first quarter to 508 million euros (US$575 million), with sales of polyurethanes and polycarbonates growing by 8.5 percent.
“China contributed to 13.3 percent sales growth of Covestro,” said Patrick Thomas, its chief executive officer. “That figure doubles China’s GDP growth rate, and we found superb opportunities in the medical services market and automotive industry.”
Shanghai is home to Covestro’s global headquarters for polycarbonates, which are mainly used in the automotive and appliances sectors.
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