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Strategy

Our strategy: "Sustainable Future"

The world is facing major upheavals: climate change, population growth, urbanization - to name just a few. This puts sustainability at center stage, with the circular economy becoming mainstream. All of these trends force entire industries to adapt. But at Covestro, we don’t want to just adapt, but being a pioneer: We intend to shape our sustainable and circular future and be part of the solution to the challenges of our time. Our new strategy “sustainable future” paves the way.

This strategy not only reflects our vision “we want to become fully circular”, but also encompasses our purpose “We want to make the world a brighter place and adds tangible actions to attain these goals.

Become the best of who we are

In the first chapter of the strategy “become the best of who we are” we focused our businesses even more closely on the requirements of individual markets and aligned them to a greater degree with our customers’ needs. We put Covestro in the best possible position to reach its full potential. That’s why we launched the transformational program “LEAP” in 2020 to completely redesign our structures and processes. As a result, we have focused our businesses even more closely on the requirements of individual markets and aligned them to a greater degree with our customers’ needs. Since July 2021 we have realigned our organizational structure. Find more information about our segments here.

Drive sustanable growth

In the second chapter of the strategy, we want to “drive sustainable growth” We are combining the consistent alignment of products and processes with our customers’ needs with an even sharper focus on addressing sustainability in a profitable way. To ensure that our portfolio is fit for the future, we intend to invest in market segments that are attractive and sustainable for the long term. Achieving organic growth means reinforcing our market leadership with sustainable products and solutions by continually aligning our R&D efforts even more closely with the United Nations Sustainable Development Goals (UN SDGs). It also means building and maintaining our assets faster and more cost efficiently, while engineering facilities for optimum efficiency and the lowest possible emissions. Sustainable growth also encompasses investments and acquisitions – if they complement our portfolio, help us reach our strategic goals, and are a good match culturally. A perfect example is the acquisition of the Resins and Functional Materials business of Dutch company DSM we closed in spring 2021.

Become fully circular

The third strategic chapter includes our corporate vision: “we will be fully circular,” our guiding principle for everything we do. This vision expresses our commitment to solving the pressing challenges of our time and helping pave the way to a climate-neutral economy that conserves resources. The implementation of our vision is driven by our global strategy program “Circular Economy” with itsfour focus topics: We want to make greater use of renewable energy for our operations. We aim to switch our raw material base away from fossil resources and toward renewables. Our innovative recycling technologies will also help ensure to return plastics into the value cycle. Since no single entity can become fully circular alone, we also need strong partnerships and alliances, which we will seek out, pursue, and nurture.

Three chapters on a strong foundation

These three chapters stand firmly on the foundation of an ongoing digital transformation and our strong “We Are 1” corporate culture. Digitalization affects everything from the way we work to how we serve our customers, from the maintenance of our plants to research and development. And together with our strong, diverse, dedicated workforce acting as “1,” we want to fully exploit our potential and achieve our business goals.

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