Skip to main content
Sister Publication Links
  • Middle East Foam & Polyurethane
  • UTECH Asia/PU China
  • UTECH Europe
  • UTECH Las Americas
Subscribe
  • My Account
  • Login
  • Subscribe
  • Coronavirus
  • News
    • Asia
    • Americas
    • Europe
    • M & A
    • Financial results
    • Automotive
    • Wanhua completes MDI expansion in Yantai
      Sheela Foam suspends production at Jalpaiguri
      Slentex gains first industrial application
      Turkish sandwich panel maker expands to Azerbaijan
    • Novoloop introduces TPU made with recycled PE
      Casper 2020 sales up 9%, losses fall
      Coronavirus took 67% off Magna's seating earnings in 2020
      Fictiv raises $35m to expand digital manufacturing services
    • Asset write downs hit BASF in 2020, trading flat in year
      iStock, 2019, automotive, interior,generic,original.jpg
      Adler Plezer in talks to buy Faurecia's AST interiors business
      Depressed automotive demand in 2020 hit Faurecia's numbers
      New conductive PU potting compound
    • iStock, 2019, automotive, interior,generic,original.jpg
      Adler Plezer in talks to buy Faurecia's AST interiors business
      Turkish sandwich panel maker expands to Azerbaijan
      BPCL Polyol project in doubt
      PPG buys polyurea company Versaflex
    • Asset write downs hit BASF in 2020, trading flat in year
      Depressed automotive demand in 2020 hit Faurecia's numbers
      Casper 2020 sales up 9%, losses fall
      Coronavirus took 67% off Magna's seating earnings in 2020
    • iStock, 2019, automotive, interior,generic,original.jpg
      Adler Plezer in talks to buy Faurecia's AST interiors business
      Depressed automotive demand in 2020 hit Faurecia's numbers
      Global car sales on rise in January 2021
      Coronavirus takes 14% off Lear's top line
  • Data
  • Information
    • Country Overview
    • Market Sector overviews
    • Technical articles
    • Company profiles and strategies
    • China’s PU industry on the path to recovery; plans for technology upgrades
      Chinese cold chains grow bigger
      Flexible foam rises to challenges in the Middle East and Africa
      Life at the cross-roads: what does the GCC offer PU?
    • Europe's flexible foam makers face rising prices as outages hit markets
      Western European car registrations rebound slowed in September
      Western European car registrations regained some ground in August
      Western European Car registrations rebound continued in July
    • Take out the VOC with hybrid release agents
      Batteries give pultrusions power
      Seeing a way through VOC and FOG
      Aromatic polyols for simpler rigid PU formulations
    • Hennecke and Frimo: an automotive partnership
      Pushing ahead: AutoRIM drives KM’s UK growth
      BASF opens it first ‘Creation Center’ in Mumbai with a PU twist
      Persistence pays off for CTM
  • Events
    • Exhibitions
    • Conferences
    • Webinars / Livestreams
    • Become a Speaker
  • Advertise
  • Contact Us
  • Issues
  • Subscribe
MENU
Breadcrumb
  1. Home
  2. News
February 20, 2017 12:00 AM

Covestro has sound 2016 despite lower sales

Simon Robinson
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    Cologne, Germany — 2016 was a record year for Covestro, the company said, with volumes up 7.5% and greater capacity utilisation, although sales fell by 1.5% to EUR 11.9 bn as a result of lower prices and foreign exchange effects.

    Patrick Thomas

    The company said that EBITDA was up 41.9% to EUR 2 bn.

    Volumes in its polyurethanes business were up 7,7% compared to 2015 and sales were down 2.6% at EUR 5.9 bn compared to EUR 6.1 bn in 2015.

    Over the course of 2016 prices in the polyurethanes sector fell by 6.4% compared to a 12.4% drop in the previous year.

    The fourth quarter of 2015 saw a dramatic, 20% fall in prices compared to an 11.6%  increase in prices in the fourth quarter of 2016. In the fourth quarter of 2016, sales of the polyurethane segment were EUR 1.5 bn compared to EUR 1.4  bn, up 11%, the company said.

    Covestro's Coatings, Adhesives, Specialties (CAS) business, which primarily comprises CASE products, also saw sales fall slightly to EUR 2 bn compared with EUR 2.1 bn in 2015. However, for the segment EBITDA at EUR 500m in 2016 was up 3.3% on the EUR 484 m in 2015.

    Covestro said that in 2016 demand was driven by key industries in the automotive and construction sectors. The company confirmed that in October 2016 an unforeseen outage at a supplier forced it to operate European MDT and TDI facilities at a reduced level and Covestro declared force majeur. This was lifted a the end of of the year, the firm added.

    In the CAS segment volumes were stable despite the expected contractural termination of trading activities. Lower raw material costs had a positive effect on earnings and, in addition, the trend towards higher quality end-products also benefitted the segment, Covestro said.

    Patrick Thomas, ceo said "with a clear focus on sustainable growth in in line with global macro trends, we have established a strong position for profiting from long-term global market developments."

    Recommended for You
    Asset write downs hit BASF in 2020, trading flat in year
    Asset write downs hit BASF in 2020, trading flat in year
    Novoloop introduces TPU made with recycled PE
    Novoloop introduces TPU made with recycled PE
    Adler Plezer in talks to buy Faurecia's AST interiors business
    Adler Plezer in talks to buy Faurecia's AST interiors business
    Latest Issue
    Click HERE for Free Download
    View All Archives
    Get our newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Register to access our archive of leading information on the polyurethanes industry.

    Subscribe now
    Connect with Us
    • Twitter
    • LinkedIn
    • Facebook
    • Youtube

    Follow us on social media for the latest polyurethanes industry news and event updates.

    Logo
    Contact Us

    Office 127,
    61, Willow Walk,
    London
    SE1 5SF
    E-mail us
    +44 (0) 203 287 5979

    Customer Service:
    +1 313 446 0450

    Resources
    • Advertise with Us
    • Media Kit
    • Staff
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • Coronavirus
    • News
      • Asia
      • Americas
      • Europe
      • M & A
      • Financial results
      • Automotive
    • Data
    • Information
      • Country Overview
      • Market Sector overviews
      • Technical articles
      • Company profiles and strategies
    • Events
      • Exhibitions
      • Conferences
      • Webinars / Livestreams
      • Become a Speaker
    • Advertise
    • Contact Us
    • Issues
    • Subscribe