Covestro recently announced that it has completed its acquisition of the Resins & Functional Materials business (RFM) from Royal DSM. The transaction received regulatory approval after Covestro and DSM signed an acquisition agreement in late September 2020. The transaction substantially expands Covestro's portfolio of sustainable coating resins and will expand group revenues by around €1 billion (approximately $1.2 billion). The acquisition includes the addition of more than 20 sites to Covestro's global production network.
"The acquisition of RFM significantly contributes to the implementation of our new Group strategy. With this transaction, we are taking another important step towards sustainability, while at the same time generating sustainable growth," said Markus Steilemann, Ph.D., CEO of Covestro. "We are looking forward to meeting our new colleagues and warmly welcoming them to Covestro."
According to Sucheta Govil, chief commercial officer at Covestro, "With this transaction, we are strengthening our extensive portfolio with further innovative products and technologies that will enable us to meet our customers' needs in optimal fashion. Now our focus is on integrating the teams, leveraging talent and providing the best possible support for our new and existing customers."
Learn more about Covestro at www.covestro.com.