Covestro releases 2019 segment results

Covestro has released its 2019 segment results, saying it has achieved its targets in a challenging market environment.

Core volumes increased by 2.0 per cent compared to the previous year, whereas Group sales fell by 15.1 per cent to approximately €12.4 billion as selling prices remained low due to increased competitive pressure in all segments.

Consequently, EBITDA declined by 49.9 per cent to approximately €1.6 billion, with net income falling by 69.7 per cent to €552 million.

Dr Markus Steilemann, CEO of Covestro, said: “2019 was marked by a number of geopolitical and macroeconomic uncertainties. Nevertheless, demand for our materials remains intact, which confirms our view that plastics are more valuable for the future than ever before.”

“2020 will remain challenging for us. However, we still see long-term demand for high-tech plastics to enable a more sustainable development across a wide range of different key technologies. Therefore, we are consistently gearing our business towards circular economy.”