Covestro
Canvas Category OEM : Chemical
Covestro is among the leading suppliers of premium polymers. Our materials and application solutions are found in nearly every area of modern life. Innovation and sustainability are the driving forces behind the continuous development of our products, processes and facilities.
Assembly Line
Abu Dhabi targets largest-ever foreign takeover with €14.7bn offer for Germany’s Covestro
The United Arab Emirates has launched the largest takeover deal in its history after Abu Dhabi’s state oil company on Tuesday made a €14.7bn offer for the German chemicals company Covestro.
Abu Dhabi National Oil Company said Covestro’s board had recommended its €62 a share offer, a premium of more than 50 per cent to the company’s share price before talks between the two sides were revealed about 16 months ago. Adnoc will also inject roughly €1.2bn of new money into Covestro as part of the transaction.
Adnoc, which pumps nearly three times as much crude oil every day as Shell, is in the process of diversifying its business in preparation for a world that is less reliant on oil as a fuel, but which has a growing appetite for oil-derived products, such as plastics.
BioBTX secures over € 80 million to launch world’s first renewable aromatics plant
By converting plastic waste and biomass into renewable aromatics, BioBTX is spearheading the creation of a circular chemical industry, significantly reducing carbon emissions and reliance on fossil fuels. Aromatics, essential for producing every-day products like insulating foams, coatings, PET bottles, batteries, and pharmaceuticals, will now have a sustainable alternative to fossil-based sources, presenting a major opportunity for circular business models.
As a leading technology developer since 2012, Groningen-based BioBTX aims to scale up its revolutionary technology at the PETRA Circular Chemicals Plant in Delfzijl. The PETRA plant will convert 20,000 tons of mixed plastic waste annually into renewable aromatics, replacing fossil resources and recycling low-value plastic waste into high-value chemicals. Once production is proven, the company intends to roll out the technology to chemical industry customers world-wide.
The € 80 million investment round includes € 42 million in equity from new shareholders Invest-NL, Infinity Recycling, and Covestro, alongside existing shareholders Carduso Capital, NOM and Groninger Groeifonds, and others. Additional funding comprises of € 15 million in debt financing from the Polestar Capital Circular Debt Fund and € 4 million from the Province of Groningen, a € 14 million grant from the Dutch Government via RVO, and other subsidies. Invest-NL’s investment is partly backed by InvestEU, a European Commission program that supports initiatives aligned with EU policy priorities.
Stratasys set to acquire Covestro's 3D printing materials business
Stratasys has announced an agreement with Covestro to acquire the chemical company’s additive manufacturing business. The deal is expected to close in Q1 of 2023. The deal includes a fixed amount of 43 million EUR and the potential earnout of up to 37 million EUR subject to the achievement of various performance metrics. It is expected to close in Q1 2023 and follows Stratasys’ acquisitions of Origin, RPS and Xaar 3D in the last two years.
Seeq Accelerates Chemical Industry Success with AWS
Seeq Corporation, a leader in manufacturing and Industrial Internet of Things (IIoT) advanced analytics software, today announced agreements with two of the world’s premier chemical companies: Covestro and allnex. These companies have selected Seeq on Amazon Web Services (AWS) as their corporate solution, empowering their employees to improve production and business outcomes.