Latest news with #Covestro
Euractiv
9 hours ago
- Business
- Euractiv
Europe's chemical powerhouse tells Brussels to go easy on new regulations
North Rhine-Westphalia, one of the EU's industrial heartlands and Germany's most populous state, is demanding special consideration for its chemicals industry ahead of key regulatory overhauls in Brussels. With some 18 million residents, the German state of North Rhine-Westphalia is not only larger than most EU countries, but also by itself the sixth-largest economy in Europe and a major hub for the chemical industry. It's state capital Düsseldorf is using that heft now. 'There are not many industrial centres this strong,' said Christian Democrat Hendrik Wüst, who governs the state, on a visit to Brussels on Wednesday. 'Our economic power in North Rhine-Westphalia is 20% above the EU average," he told reporters. Wüst, a leading candidate to succeed German Chancellor Friedrich Merz, came to Brussels to demand 'level-headed chemicals policy,' according to an eight-page list of demands he brought along, seen by Euractiv. The chemicals sector especially plays a key role in his state, Wüst said. Among his eleven-company-strong delegation were four chemical companies: polymer-producer Covestro, speciality chemical leader Evonik, adhesives giant Henkel and intermediates producer Lanxess. Not part of the visit but also home in NRW is pharmaceutical giant Bayer. 'The design of chemical policy and revision of REACH are of great relevance to not only the sector but the entire industry,' the document said, further stating that t he EU should sense-check industrial emissions rules and the urban wastewater directive – while making it easier to get construction permits. 'Planning and approval procedures (especially in environmental law) must be accelerated massively and decisively,' Wüst's demands close. The EU executive is expected to present a chemicals package next week. German chemical players have long pushed to delay the reform of the EU's flagship chemical rulebook REACH. Kjeld Neubert contributed reporting. (vib)
Business Insider
4 days ago
- Business
- Business Insider
Deutsche Bank Sticks to Their Hold Rating for Covestro (0RBE)
In a report released yesterday, Tim Jones from Deutsche Bank maintained a Hold rating on Covestro (0RBE – Research Report), with a price target of €62.00. The company's shares closed yesterday at €60.46. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Jones is a 3-star analyst with an average return of 3.4% and a 54.40% success rate. Covestro has an analyst consensus of Hold, with a price target consensus of €61.80, implying a 2.22% upside from current levels. In a report released on June 26, UBS also maintained a Hold rating on the stock with a €62.00 price target. The company has a one-year high of €60.84 and a one-year low of €49.24. Currently, Covestro has an average volume of 5,551.
Fibre2Fashion
5 days ago
- Business
- Fibre2Fashion
Germany's Covestro buys Pontacol to boost sustainable film growth
Covestro has signed an agreement to acquire Pontacol, a Swiss manufacturer of multilayer adhesive films. With this acquisition, Covestro strategically expands its specialty films portfolio and further advances the implementation of its "Sustainable Future" corporate strategy. At the same time, the company continues to consistently expand its growth in sustainable and innovative business areas. "The acquisition of Pontacol is strategically sound and financially attractive," says Christian Baier, Chief Financial Officer of Covestro . "We are gaining a profitable company with significant growth potential and relevant synergy effects. This allows us to strategically expand our production capacities for multilayer adhesive films in Europe, combine our innovative strength, and develop new markets. As a result, we can offer our customers even more powerful solutions, increase our competitiveness, and grow sustainably." Covestro is acquiring Swiss adhesive film maker Pontacol to expand its specialty films portfolio and boost sustainable growth. The deal adds production sites in Switzerland and Germany, enhances innovation, and opens new markets in medical, mobility, and textiles. Around 100 Pontacol employees will join Covestro. The cash-financed deal is set to close in Q3 2025. Strategic Expansion and Synergies Through the acquisition, Covestro complements its film business with highly specialized flat and blown films – a complementary portfolio that enables further growth in attractive application areas. The film segment is growing continuously worldwide, primarily driven by increasing demand in key future markets such as medical technology, mobility, and the textile industry. Additionally, Covestro is acquiring two specialized production sites in Switzerland and Germany, focusing on different film technologies. This not only strengthens the company's global manufacturing network but also improves the regional availability of adhesive films. The acquisition also opens up additional value creation potential through complementary technologies, an expanded customer and product portfolio, as well as synergies in central functions and procurement. "This acquisition is an important milestone in our Specialty Films growth strategy," says Aukje Doornbos, Head of Business Entity Specialty Films at Covestro . 'In recent years, we have already made large investments in expanding our global capacities. With Pontacol, we can strengthen our product development and expand our global offering for our customers. We are particularly looking forward to the approximately 100 experienced employees who will make a valuable contribution to our further growth with their expertise.' Both parties have agreed not to disclose the purchase price. The financing will be through cash and is thus aligned with Covestro's goal of maintaining a solid investment-grade rating. The transaction is expected to close in the third quarter of 2025. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (RM)
Zawya
04-06-2025
- Business
- Zawya
ADNOC and Covestro deal review suspended as EU awaits more information
BRUSSELS - EU regulators have paused their review of Abu Dhabi state oil giant ADNOC's 14.7 billion euro ($16.7 billion) acquisition of German chemicals company Covestro while awaiting information from the companies. The deal, approved under EU merger rules last month, is now being scrutinised under the bloc's Foreign Subsidies Regulation (FSR), which takes aim at unfair foreign aid for companies. The European Commission said it stopped the clock on May 28. "Once the missing information is supplied by the parties, the clock is re-started and the legal deadline for the Commission's decision is then adjusted accordingly," a Commission spokesperson said. Its previous deadline for its decision was June 24. ($1 = 0.8787 euros)
The Herald Scotland
19-05-2025
- Business
- The Herald Scotland
Despite this deal, EU is moving forward and UK risks being left behind
And the UK is not far behind. Across the country, factory closures have devastated entire communities, particularly in vulnerable areas of Scotland and Wales, the former of which is currently reeling from the closing of Grangemouth oil refinery. Read more New partnerships are needed but the Westminster has yet to face the facts. Donald Trump's return has added another spanner to the works. His tariff flip-flopping, enmity with China, and repeated accusations of European 'freeloading' serve as constant reminders that the familiar trans-Atlantic alliance is nearing a rock bottom. And despite recent polls suggesting that almost 50% of British voters fear that Trump will worsen the UK economy and threaten national security, Prime Minister Starmer dove straight into negotiations - emerging last week with a trade deal so weak, famed American economist Joseph Stiglitz said 'it isn't worth the paper it's written on.' But the UK is playing in both ways. Starmer welcomed European leaders to a historic Brexit reset summit in London, aiming to strengthen relations after years of chaos. He is claiming triumph as the UK government and the EU have reached a new deal setting out post-Brexit relations on areas including fishing rights, trade and defence. The deal, as far as it goes, is welcome and the foundation for a strong partnership with the EU is already there. After all, the UK imports over 50% of goods from Europe versus a meagre 10% from the US. But the EU, with its strong vision, will not be bullied into entering a partnership, even peripheral, with the deregulation, fossil fuel extraction, chlorinated chicken, or any of the other host of things that a deal with Trump precludes. Nor should it. After all, the EU doesn't need the US – especially not when budding economic regions are becoming strategically more aligned with Brussels on critical vectors like climate change, energy, AI and defence. Just a few months ago, Dassault Aviation delivered the first batch of its superior Rafale fighter jets to the United Arab Emirates (UAE). The French defense company was contracted as part of a broader €17 billion security agreement between the two countries. Not only has Dassault made a profit, but the deal is also supporting an estimated 7,000 French jobs until at least 2031. Read more Even Germany has tasted the potential. One of Europe's leading chemicals corporations is close to acquiring the Abu Dhabi National Oil Company (ADNOC) for almost €15 billion. Covestro, which specialises in innovative plastic materials and advanced recycling technologies, had once contributed roughly 5% of Germany's GDP before finding itself in the grip of Germany's fiscal crisis. However, with ADNOC's cash injection – which is part of a larger plan to inject 150bn in capital through 2027 - it has accelerated its ambitious growth strategy allowing it to invest in the sustainable solutions of tomorrow. At the same time, the Covestro acquisition has supported ADNOC's strategic decision to diversify beyond oil and gas, futureproofing its business through the choppy waters of the global energy transition. And the firm is playing a key role in achieving its country's climate ambitions underscored by the UAE Consensus, which are far more similar to those of the EU than they are to Trump's 'drill, baby, drill'. These developments should serve as a wake-up call for the UK. Like the EU, Britain must refine its priorities, reduce wasteful spending, and aggressively pursue investment in areas like green energy, defence tech, and AI. Only by doing so can it attract the foreign capital it sorely needs. Sooner rather than later Starmer will face a choice: Will he cling to the crumbling mythology of a 'special relationship' with the US, or will he embrace a more dynamic, forward-facing partnership with Europe and the rest of the world? Gilberto Morishaw is an expert on international governance, innovation and systems thinking, having previously served as a youth advisor to the European Commission for International Partnerships. Morishaw is also a Senior Fellow at Humanity in action, a TILN Fellow of the German Marshall Fund and a Global Shaper at the WEF. He is a co-founder of Merge Collective, which aims to bring policy into the web3 era, and the former Head of Impact at Kolektivo, which provides micro-grants to community builders on his home Island of Curaçao.
