Covestro lifts force majeure on polyurethane raw materials
• Supplier of nitric acid has re-started production.
Covestro has lifted the force majeure on the polyurethane raw materials MDI and TDI in Europe that it declared on October 6, 2016. A raw material supplier which had experienced an outage had lifted its own force majeure and began to supply Covestro with nitric acid once again. Covestro therefore was able to resume full deliveries of MDI, TDI and by-products.
During the force majeure period, Covestro made considerable efforts to compensate for the missing raw materials by making alternative purchases from other suppliers. Moreover, the company kept its customers and suppliers informed about the situation and helped them find alternate solutions.
Covestro does not expect the force majeure situation in Europe to have any negative effects on the company's declared business targets for 2016.
With 2015 sales of EUR 12.1 billion, Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and the sports and leisure industries. Covestro, formerly Bayer MaterialScience, has 30 production sites around the globe and as of the end of 2015 employed approximately 15,800 people (full-time equivalents).
This press release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available on the Covestro website at www.covestro.com. Covestro assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.