Covestro Announces New Corporate Vision Focused on Circular Economy
Over the long term, Covestro plans to align its entire production, its range of products and solutions, and all areas to the circular concept.
Covestro recently announced that it considers itself to be on a clear course and well-positioned for the rest of the year, following a challenging first six months as a result of the coronavirus pandemic. At the virtual annual general meeting Markus Steilemann, CEO, confirmed the strategy pursued by the company.
“The development over the first six months and the economic outlook for the current year show that we still find ourselves in a macroeconomicly difficult situation,” he said. “However, I am sure that we will steer Covestro through this successfully. We are pursuing a clear, far-sighted strategy that addresses current challenges, but most importantly will secure the company’s long-term success.”
For a more sustainable restart, Covestro has drawn on a new corporate vision. Over the long term, the company plans to align its entire production, its range of products and solutions, and all areas to the circular concept. Focus topics are alternative raw materials, innovative recycling, joint solutions, and renewable energies.
On the path toward achieving a circular economy, Covestro reports that it will also be strengthening its innovative capabilities (e.g., in areas such as digital chemistry). Quantum computing can enable highly complex chemical reaction processes to be digitally simulated in the future, thus saving considerable time and resources. This would play a vital role in successfully driving the circular economy, according to Steilemann.
“Quantum computing will enable us to take research and development to a completely new level—also, and in particular, in regard to the pace at which we can develop innovations,” Steilemann said.
Steilemann again confirmed the guidance for the current fiscal year to the shareholders. Although Covestro reports that it has been observing a trend of sequential improvement since mid-May, 2020 nevertheless continues to be an exceptional year and the economic environment will remain uncertain in the second half of the year as well.
“Further developments depend largely on the course taken by the coronavirus pandemic, and this is not completely foreseeable,” Steilemann said. “This makes it all the more important that our measures work and provide positive results already.”
Additional information is available at www.covestro.com.
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