Sale of Additive Manufacturing Business successfully completed
Another step in portfolio optimization
Covestro has successfully completed the sale of its Additive Manufacturing Business to the 3D printing company Stratasys as of April 3, 2023. The Group had announced in August 2022 that it would sell the Additive Manufacturing Business for a selling price of approximately EUR 43 million. In addition, a potential earn-out of up to EUR 37 million was agreed, which is subject to the achievement of various performance metrics.
The Additive Manufacturing Business provides material solutions for common polymer 3D printing processes and includes, among others, products of the Resins & Functional Materials business acquired from DSM in 2021. Included are employees, R&D facilities and offices across Europe, the U.S. and Asia.
With the divestment of the Additive Manufacturing Business, Covestro continues
its portfolio optimization and focuses even stronger on the extensive product offering for its customers in main customer industries. As part of its strategy "Sustainable Future", Covestro is focusing on sustainable growth and becoming fully circular.
About Stratasys:
Stratasys is leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products and healthcare. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.
About Covestro:
Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, cosmetics and health, as well as in the chemical industry itself.
The company is committed to becoming fully circular and is striving to become climate neutral by 2035 (scope 1 and 2). Covestro generated sales of EUR 18 billion in fiscal 2022. At the end of 2022, the company had 50 production sites worldwide and employed approximately 18,000 people (calculated as full-time equivalents).
Forward-looking statements
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.