News from Covestro regarding its third quarter sales results drew the most reader interest last week (Covestro Sales Decline in 2019 Third Quarter Despite Volume Growth): “In the third quarter of 2019, Covestro reports that it achieved core volume growth of 5.3% over the prior-year period in a continuing challenging economic environment. At the same time, group sales declined as expected by 14.6% to €3.2 billion (approximately $3.6 billion) due to continued lower selling prices. Growth was attributable mainly to the construction, furniture, electrical, and electronics industries.
“‘After generating solid volume growth in the second quarter, demand once again grew in the third quarter,’ said Markus Steilemann, Ph.D., CEO. ‘The economic climate remains challenging, which we notice particularly in the automotive sector. However, our volume growth indicates that our business is well diversified across various industries.’
“In order to remain successful in the long run with its sustainable and innovative solutions, Covestro reports that it aims to narrow its focus on circular economy going forward and has launched a new strategic program to this end. In its production processes in particular, the group is aiming for the greatest possible use of raw materials from sustainable sources, such as plants, waste, and carbon dioxide. This should eliminate the use of fossil resources such as crude oil as much as possible. Above all, used plastics must be recycled systematically and to the greatest possible extent.
“Covestro’s core volumes in the Polyurethanes segment increased by 5.1% in the 2019 third quarter. The increased demand in the furniture and electrical and electronics industries, especially in household appliances, as well as in the construction sector more than offset weaker demand from the automotive industry. However, sales in this segment decreased by 20.1% to almost €1.5 billion (~ $1.7 billion) due to lower selling prices stemming from increased competitive pressure.”
Does your company have news to share with the industry? Please send news releases to me at suttons@bnpmedia.com.
Top 5 News that Sticks for November 10-16
- Covestro Sales Decline in 2019 Third Quarter Despite Volume Growth
- Atlas Copco to Acquire Scheugenpflug
- ALTANA and BYK Employees Move into New Digital Work Environment
- H.B. Fuller’s Price Receives PMMI 2019 On the Rise Award
- Emerald Kalama Chemical Opens New European Central Office in Rotterdam third week in Top 5!
This weekly roundup highlights the adhesives, sealants, and coatings-related news stories that garnered the most attention during the previous week on our website, as well as our eNewsletters and social media platforms.
Report Abusive Comment