After a difficult first half-year: Covestro sees itself well on track for the rest of 2020

Covestro considers itself to be on a clear course and well-positioned for the rest of the year following challenging first six months as a result of the coronavirus pandemic.

An economic graphic as a symbolic image.

CEO Dr. Markus Steilemann 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. 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.”

The principle of circularity

For a more sustainable restart, Covestro has drawn on a new corporate vision to chart a clear course for the company. Over the long term, the company plans to align its entire production, its range of products and solutions as well as all areas to the circular concept. “That means we aim to comprehensively establish the principle of circularity at our company,” Steilemann said. Focus topics are alternative raw materials, innovative recycling, joint solutions and renewable energies.

On the path towards achieving a circular economy, Covestro also wants to strengthening its innovative capabilities, for example in areas such as digital chemistry. Quantum computing is supposed, for example, to 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, Steilemann said. “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 explained.

The company has only recently announced a research partnership with Google in this area.

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