Covestro, which was formerly a part of Bayer Material Science, officially separated from the Bayer Group last year, and has successfully established itself as a global materials provider to many industries including automotive components and OEMs as well. It was created as part of the restructuring of Bayer AG from the former business group Bayer Polymers. Covestro manufactures and develops materials such as coatings, adhesives and sealants, polycarbonates (CDs, DVDs), polyurethanes (automotive seating, insulation for refrigerating appliances). The company’s automotive business is among its biggest revenue drivers and in India too it contributes to around 25 percent of the business. Apart from automotive, Thane-based local arm, Covestro India caters to other industry segments such as construction and electrical and electronics. With three manufacturing facilities across the country at Greater Noida, Ankleshwar and Cuddalore, and over 386 employees, the company is looking to embark upon the next phase of growth in the region now. Covestro’s chief financial officer, Frank Lutz strongly believes in the potential that lies in the Asia-Pacific region, especially India which has been witnessing a double-digit growth. “India comprises roughly 20 percent of our APAC revenues and it will be a formidable part of the Covestro growth strategy… Read full this story
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