Covestro to become a DAX member
Fast entry to the most important German equity index
• Inclusion effective as of March 19, 2018
• Significant increase in free float and market capitalization since IPO.
Deutsche Boerse decided that Covestro will be included in the leading German equity index DAX, effective March 19, 2018, triggered by the fast-entry rule. Since the IPO in October 2015, Covestro's market capitalization and free float have increased continuously. Already in 2015, Covestro was included in the MDAX index, and the company has also been a member of the STOXX Europe 600 since spring 2016.
Patrick Thomas, CEO of Covestro AG, said: "We are very delighted to be admitted to DAX. It is a further confirmation of the successful development of our company in the recent years and the attractiveness of our share. In the future, Covestro will thus gain even more attention. I would like to thank all employees of Covestro for this great success."
Since the IPO, the former parent company Bayer AG has continuously reduced its stake in Covestro. As of March 5, 2018, the free float of Covestro is around 86%, market capitalization amounts to around EUR 17.6 billion.
Also in the future, Covestro will continue to pursue its successful long-term strategy to create value. Based on sustainable and innovative products, Covestro serves the needs for superior materials arising from global megatrends - always striving to make the world a brighter place.
With 2017 sales of EUR 14.1 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, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16,200 people (calculated as full-time equivalents) at the end of 2017.
This news 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 at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.