Covestro AG has successfully closed a EUR 1.17 billion strategic partnership with XRG P.J.S.C. to enhance sustainable innovation and market capabilities.

Target Information

Covestro AG, a leading global manufacturer of high-quality polymer materials, has successfully closed a strategic partnership with XRG P.J.S.C., marking an important milestone in its pursuit of sustainability and innovation. This partnership follows a capital increase of EUR 1.17 billion, which is intended to bolster Covestro's efforts in implementing its "Sustainable Future" strategy. Under the leadership of CEO Dr. Markus Steilemann, Covestro aims to drive transformation and create long-term value for its customers, employees, and stakeholders across various sectors.

With its innovative products and processes, Covestro is dedicated to enhancing sustainability and improving quality of life in key industries such as mobility, building and living, electrical and electronics, sports and leisure, telecommunications, and health care. The company is committed to transitioning towards a circular economy and targets climate neutrality for its Scope 1 and Scope 2 emissions by 2035, while aiming for climate neutrality in its Scope 3 emissions by 2050.

Industry Overview in the Target's Country

In recent years, Germany has positioned itself as a pivotal player in the global polymer and chemicals sector, driven by a strong focus on sustainability and innovation. The country's chemical indus