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Dr. Markus Steilemann
Chief Executive Officer
Year of Birth: 1970 Nationality: German
Biography
Dr. Markus Steilemann has been CEO of Covestro since June 2018. His area of responsibility includes central functions such as strategy, sustainability, human resources and communication. The strategic focus of his work is the comprehensive orientation of the company towards a fully circular economy.
Born in 1970 in Geilenkirchen, Germany, Steilemann studied chemistry at RWTH Aachen University and at ETH Zurich. He graduated from Aachen with a doctorate, where he also obtained a diploma in business administration.
In 1999, Steilemann started his professional career with the Bayer Group. From 2008, he held senior management positions in the polycarbonates division of Bayer MaterialScience, the predecessor organization of Covestro. From 2013 to 2015, he headed the entire segment with headquarters in China, where he lived for several years.
Back in Germany, in 2015, Steilemann became a member of the board of Covestro with responsibility for innovation. In the following year, he was appointed head of the Polyurethanes division. In 2017, as Chief Commercial Officer (CCO), he assumed responsibility for all three segments of the company, including innovation, marketing and sales.
Steilemann is active in numerous associations and organizations. He holds the presidency of PlasticsEurope, the Association of Plastics Manufacturers in Europe. He is also Vice President of the German Chemical Industry Association (VCI). He is also a member of the Bureau of the European Chemical Union (Cefic) and of the Executive Board of the ICCA, the World Association of Chemical Associations.
Initial appointment: Sept 1, 2015 Current contract: June 1, 2018 - May 31, 2023
Sucheta Govil
Chief Commercial Officer
Year of Birth: 1963 Nationality: British citizen of Indian origin
Biography
Sucheta Govil has been a member of Covestro's Management Board since August 2019. As Chief Commercial Officer (CCO), she is in charge of the three divisions Polyurethanes, Polycarbonates and Coatings, Adhesives, Specialties. Govil is also responsible for the Central Marketing, for Innovation Management & Commercial Services as well as for the Supply Chain Centers in the three major regions EMLA, NAFTA and APAC.
Being British citizen of Indian origin born in 1963 , Govil studied at the University of Delhi and at the Indian Institute of Management in Calcutta, where she graduated with a post-graduate degree in Business Management. During her professional career, she held various management positions in marketing and innovation worldwide, among others at GlaxoSmithKline, PepsiCo, AkzoNobel and DSM. She also currently serves as a Non-Executive Director at Eurocell plc in London, a leading supplier of building products.
Initial appointment: Aug 1, 2019 Current contract: Aug 1, 2019 - Jul 31, 2022
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Year of Birth: 1972 Nationality: German
Biography
Dr. Thomas Toepfer has been member of the Board of Management since April 2018 and the company’s Labor Director since January 2019. As Chief Financial Officer (CFO) at Covestro, he is responsible for Accounting, Controlling and Finance. He also oversees Investor Relations, Information Technology, Portfolio Development, Taxes and Law, Intellectual Property & Compliance.
Born in Hamburg, Germany, in 1972, Toepfer holds a PhD in Business Administration from Otto Beisheim Graduate School of Management (WHU), Koblenz. He worked as a consultant with McKinsey & Company, Inc. and in leading management positions for STILL GmbH, Karstadt Warenhaus GmbH amongst others. Before joining Covestro he was a member of the Executive Board, Chief Financial Officer and Labor Director of KION GROUP AG.
Initial appointment: Apr 1, 2018 Current contract: Apr 1, 2021 - Mar 31, 2026
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua. At vero eos et accusam et justo duo dolores et ea rebum. Stet clita kasd gubergren, no sea takimata sanctus est Lorem ipsum dolor sit amet. Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua. At vero eos et accusam et justo duo dolores et ea rebum. Stet clita kasd gubergren, no sea takimata sanctus est Lorem ipsum dolor sit amet.
Circular economy: Key to protecting the climate and natural resources
Moody's Issuer Rating
Outlook
Last Update
Baa2
stable
Oct. 7, 2015
Baa2
stable
June 10, 2016
Baa2
positive
Dec. 19, 2017
Baa1
stable
July 30, 2018
Baa1
stable
July 2, 2019
Baa2
negative
June 2, 2020
Baa2
stable
March 31, 2021
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Talks
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January 3, 2022 - January 26, 20222:51 PM - 2:51 PM Time Zone
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January 3, 2022 - March 17, 20222:55 PM - 12:30 AM Time Zone
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Covestro, SK geo centric and Neste cooperate to create value chain for renewable attributed MDI in APAC
Covestro, South Korean petrochemical company SK geocentric and Neste are cooperating to enable the production of a major polyurethaneraw material based on renewable raw materials via mass balance.
Covestro and Metrex collaboration doubles down on powerful disinfectants in healthcare settings
Covestro and Metrex jointly tested a variety of materials and disinfectants to demonstrate the compatibility of Covestro polycarbonates with common disinfectants, including Metrex’s CaviWipes 2.0.
Sustainability
Circular Economy
To overcome challenges like climate change, we have to find new solutions. Learn more about why Circular Economy is Covestro's global guiding principle!
Circular Economy
Alternative Raw Materials
Biomass, end-of-life materials and waste, as well as green hydrogen replace fossil resources such as petroleum.
Covestro and Metrex collaboration doubles down on powerful disinfectants in healthcare settings
Covestro and Metrex jointly tested a variety of materials and disinfectants to demonstrate the compatibility of Covestro polycarbonates with common disinfectants, including Metrex’s CaviWipes 2.0.
Covestro commits to cleaner waters with Operation Clean Sweep blue membership
Operation Clean Sweep, blue membership, Covestro LLC
Bright spots Covestro shares key THINC30 2020 takeaways in new blog
Held amidst the backdrop of the coronavirus pandemic, economic uncertainty, racial justice reckoning and the ever-increasing impacts of the climate crisis, Covestro’s THINC30 summit illustrated that when it comes to sustainability, the 17 United Nations Sustainable Development Goals (UN SDGs) and their interconnectedness are spot on.
Covestro announces speaker lineup for THINC30 in October
For the fourth year in a row, Covestro will host its THINC30 summit, this time virtually and viewed through the lens of current events – the pandemic, racial justice and economic uncertainty, coupled with the climate crisis.
Covestro announces virtual THINC30 Summit 2020 UN SDGs Relevance and Recovery
As the United States continues to grapple with the coronavirus pandemic, economic uncertainty, racial justice reckoning and the ever increasing impacts of the climate crisis, the 17 United Nations Sustainable Development Goals (UN SDGs) have become more relevant than ever.
Covestro and Crystal IS explore impact of UVC disinfection on polycarbonate materials
Ultraviolet C (UVC) light, which is already widely used for disinfecting water, is also increasingly used to disinfect surfaces.
In latest blog Covestros Lucore asks What else can we do
As Covestro LLC unveils its new North American sustainability and corporate social responsibility magazine featuring its innovative collaborations with community and environmental organizations in support of the 17 United Nations Sustainable Development Goals, its head of CSR and sustainability, Rebecca Lucore, urges people in a new Medium blog to continue their work amid the pandemic and social unrest with passion, compassion, kindness, equity and inclusiveness leading the way.
Covestro LLC honored with Responsible Care Initiative of the Year Award
With a nod to an inventive new take on safety training programs, the American Chemistry Council (ACC) honored Covestro LLC with the Responsible Care® Initiative of the Year Award.
Thermally conductive polycarbonate from Covestro shines brightly in OEM fog lamp housing
Automakers frequently turn to plastics for their versatility and strong performance in a variety of innovative applications.
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To overcome challenges like climate change, we have to find new solutions. Learn more about why Circular Economy is Covestro's global guiding principle!
Circular Economy
Alternative Raw Materials
Biomass, end-of-life materials and waste, as well as green hydrogen replace fossil resources such as petroleum.
Circular Economy
Innovative Recycling
Energy-efficient technologies allow more used products and waste to be recycled.
Circular Economy
Renewable Energy
Circular economy is only truly sustainable if green energy is used.
The rise of Covestro between 1863 and 2018
2018
Covestro becomes a DAX member
Covestro is included in the leading German equity index DAX, effective March 19, 2018. Since the IPO in October 2015, Covestro's market capitalization and free float have increased continuously. Covestro evaluates the inclusion as a further confirmation of the successful development of the company in the recent years and the attractiveness of the share.
2017
Second record year in a row
In 2017, Covestro achieves the best financial results in its history – including its predecessor company. It is the second record year in a row. Driven by a high demand for high-performance plastics and significantly higher margins, Covestro increases Group sales by 18.8% to EUR 14.1 billion over the past fiscal year; accompanied by an increase in EBITDA at Group level by 70.6% to EUR 3.4 billion over the prior-year period. The Group’s core volumes rise by 3.4%.
2015
Covestro becomes a stock listed company
Within months after its independence, Covestro is brought to the stock market on October 6. Due to volatile markets and a crisis within the automotive industry, the initial share price is EUR 26. By the end of 2016 it is EUR 65.18.
Covestro becomes independent
On September 1, Bayer MaterialScience becomes a separate legal entity operating under the name Covestro. The headquarters will remain at the Leverkusen site.
2014
Opening of TDI plant with Covestro technology in Dormagen
A state-of-the-art, large-scale plant for the particularly eco-friendly production of the polyurethane component TDI is brought on stream in Dormagen, bringing one of the most important capital expenditure projects of the last decade to a successful conclusion.
2010
Expansion of business in China
Beginning in 2010 the company is investing about another EUR 1 billion to expand its facilities at the site in Shanghai, China. Production capacities are to be more than doubled as a result. Including the expansion, the total investment in the site amounts to more than EUR 3 billion. In addition, the headquarters of the Polycarbonates Business Unit is being transferred from Leverkusen to Shanghai.
2007
Patrick Thomas named Chairman on the Board of Management of Bayer MaterialScience
Effective January 1, Patrick W. Thomas becomes Chairman of the Board of Management of Bayer MaterialScience AG, which he joined in 2006. Prior to that, Thomas had held a number of senior management positions in the chemicals industry. Born in 1957, the UK native graduated from Oxford University with an engineering degree.
2005
Chemical activities partly transferred to Lanxess
Publicly owned Lanxess AG is spun off from the Bayer Group on January 28, continuing its rubber activities and parts of Bayer’s chemicals business. The name “Lanxess” is a combination of the French word “lancer” (meaning “to launch”) and the English word “success.”
2004
Bayer MaterialScience AG becomes independent subgroup
The company gains legal independence as part of a reorganization of the Bayer Group. The process started in 2002 when Bayer CropScience AG was launched as the first legally independent subgroup.
2001
Groundbreaking in Shanghai
The Bayer Integrated Site Shanghai in China is built on a former rice field. Today the vast area is home to state-of-the-art production plants for plastics and for precursors used in the manufacture of foams and coatings. The site is a focus of investment at Bayer MaterialScience
2000
Number one in polyurethane raw materials
Bayer acquires part of U.S.-based Lyondell Chemical Company. This move makes the German group and later Bayer MaterialScience the world’s biggest producer of raw materials for polyurethanes.
1990s
Extending the global presence
The importance of North America to the Bayer Group continues to increase. In Canada Bayer acquires Toronto-based Polysar Rubber Corporation in 1990 – the most significant acquisition in the company's history up to that point. The transaction makes Bayer the world's biggest supplier of raw materials for the rubber industry. At the same time, the company starts to establish a global network of marketing and service centers to supply customers with tailor-made solutions locally, quickly and flexible.
1970
World's biggest hydrazine plant
After Mobay's acquisition of a site in Baytown, Texas in 1970, the biggest hydrazine plant in the world goes on stream.
1957
Bayer completes switch to petrochemistry
Bayer joins with Deutsche BP to found Erdölchemie GmbH in Dormagen, successfully entering the petrochemicals sector.
1953
Hermann Schnell discovers polycarbonate
The Bayer chemist, working at the Group’s Central Scientific Laboratory in Krefeld-Uerdingen, succeeds in synthesizing polycarbonate more or less at the first attempt. The event passes almost unnoticed, except in specialist circles. But just five years later, Bayer will begin producing the transparent and versatile plastic, known by its brand name Makrolon®, on an industrial scale.
1937
New perspectives through the discovery of polyurethanes
An invention by the chemist Otto Bayer – who is not related to the family that founded the Bayer Group – revolutionizes the chemical industry, but his discovery is by chance. After mixing two chemical substances, Otto Bayer succeeds in synthesizing the first polyurethane foam. Initially nobody has an idea what it can be used for, and it will take another ten years of development work before customized materials can be manufactured from polyurethanes.
1927
The first synthetic coating raw materials
On April 26, 1927, the Uerdingen unit of LG. Farben registered its “transesterification" patent. This marked a new chapter in the history of coating raw materials, which today form a segment of its own within our company.
1863
Start of a chemical industry pioneer
Founded under the name “Friedr. Bayer et comp.” in Barmen – today a district of the city of Wuppertal – the company first manufactures and sells synthetic dyestuffs from coal-tar – a technique that had just been invented. In the first decades of its existence it develops and produces synthetic dyes, intermediates and pharmaceuticals. Among its early inventions is the “drug of the century”, Aspirin. At the beginning of the 20th century the first plastics – namely rubber – is being synthesized. Around the same time, the company moves its headquarters to the city of Leverkusen.
Circular economy is only truly sustainable if green energy is used.
Innovation
My Future City
Construction and Urbanization – We push the boundaries of materials to build cities of the future.
Case study
Makrolon® AG front hood
Toyota chose transparent Makrolon® AG polycarbonate for a car hood that changes from a black panel into a colorful display.
Story
2K clear coat capsule Dockit® – time to shine
Easy paint preparation with the Dockit® 2K clear coat capsule Dockit® – for more efficiency and glossy paint results.
Media
This is the news intro text
Plastics
With the power of the sun to the mobility of the future
The Covestro Adelie was designed for the world's toughest solar car race, the Bridgestone World Solar ChallengeCovestro supports project with innovative materials and as main sponsorThe overarching goal is the realization of the circular economy
Covestro signs first major renewable energy agreement for its US operations
Long-term agreement signed with Ørsted as part of its planned Mockingbird Solar Center in Texas, U.S.Covestro’s 90MW share of renewable energy estimated to offset 70,000 tons of CO2 emissions at its Baytown, Texas, site annually, starting in late 202…
Concept car "muc023" takes 2nd place in the international car race "Shell Eco-marathon" (Europe and Africa)Front and side windows made of transparent lightweight plasticNew polycarbonates with alternative raw materials
Covestro inaugurates new production line and launches new Desmopan®UP TPU series for Paint Protection Film in the automotive and wind sector
New production line started in Taiwan to produce high performance TPU suited for Paint Protection Film (PPF) gradesProducts to be made available globallyNew TPU-based PPF solutions offered under Desmopan®UP brand nameLong-lasting protection for autom…
Solar coating solutions help to harvest more energy from the sun
Solar coatings plant of Covestro in the Netherlands celebrates its 10th anniversaryThe Netherlands houses the largest independent solar glass coatings producer in EuropeThe journey started 10 years ago as a start-up business producing an innovative c…
Design Sprouts Material: a special event by Covestro and MM Design to explore the inseparable relationship between materials and design
Design Sprouts Material presents the bidirectional links between materials and design and their presence in people's daily livesAn informative and experimental space for all visitors who want to interact with innovative materials, surfaces and colors…
Covestro expands its circular economy portfolio to all major regions
Covestro’s third-largest site, Baytown, Texas, USA receives ISCC PLUS certificationFocus on mass balanced products using recycled and bio-attributed raw materialsAlready hundreds of products made from alternative raw materials in the circular "CQ" po…
Covestro expands production capacity for polycarbonate films in Thailand
Investment in the higher double-digit million euro rangeCompletion planned by 2025Applications in ID card, automotive and electronics industriesGrowing range of more sustainable films
Partner for practical and visionary coating and adhesive solutions
Comprehensive portal with innovative topics for current and future material developmentsLively meeting place for exciting digital collaboration with the coatings and adhesives sector and downstream industriesWebinars on key strategic coatings and adh…
New site to be built in Zhuhai, South China, with an annual capacity of 120,000 tons of TPU per year after final phase of expansionExpansion to happen in three phases: First phase to be completed in late 2025, final phase to be completed in 2033Total…
More climate-friendly headlamp concept with polycarbonate
NALYSES research project looks at the entire product cycleConsortium of industry and scienceTransfer of project results to other industries plannedFunding by German Federal Ministry of Education and Research
Covestro pushes boundaries of materials for printed electronics
Covestro offers smart materials solutions for a smart living worldAt LOPEC 2023, Covestro highlights substrates tailored for automotive, electronics, healthcare and consumer applications
Covestro launches new ultra-durable material solution for healthcare and life sciences
Makrolon® 3638 polycarbonate is engineered to meet rigorous standardsMaterial offers a unique combination of properties that are maintained over a wide temperature rangeIt underscores the commitment of Covestro to developing innovative material solut…
Ideas for the kitchen and bathroom sought in 2023 student plastics design competition
Budding designers interested in working with plastics have been set a challenge to design a new product for the kitchen or bathroom by the Design Innovation in Plastics (DIP) competition, 2023, sponsored by Covestro.
Covestro and Lanxess cooperate to produce more sustainable raw materials with reduced CO₂ footprint
Companies agree production of key basic chemicalsCovestro uses electricity with certificates of origin from hydropower for electrolysis in North Rhine-WestphaliaCooperation reduces CO₂ emissions by up to 120,000 tons per year
Covestro transports products from Asia on ships of Lidl subsidiary Tailwind Shipping Lines
Faster and more timely thanks to greater independence from major shipping companiesMore flexibility: direct route from Asia to Europe, smaller ships, several possible destinations
Covestro signs major renewable energy supply contracts with Chinese producer CGN
Multi-year contract calls for annual purchase of 300 gigawatt hours of wind and solar power from CGNPlans to cover 30 percent of electricity demand at Covestro's Shanghai siteSolid basis for significant reduction in greenhouse gas emissions
Circular economy is only truly sustainable if green energy is used.
Innovation
My Future City
Construction and Urbanization – We push the boundaries of materials to build cities of the future.
Case study
Makrolon® AG front hood
Toyota chose transparent Makrolon® AG polycarbonate for a car hood that changes from a black panel into a colorful display.
Story
2K clear coat capsule Dockit® – time to shine
Easy paint preparation with the Dockit® 2K clear coat capsule Dockit® – for more efficiency and glossy paint results.
Media
This is the news intro text
Plastics
With the power of the sun to the mobility of the future
The Covestro Adelie was designed for the world's toughest solar car race, the Bridgestone World Solar ChallengeCovestro supports project with innovative materials and as main sponsorThe overarching goal is the realization of the circular economy
Covestro signs first major renewable energy agreement for its US operations
Long-term agreement signed with Ørsted as part of its planned Mockingbird Solar Center in Texas, U.S.Covestro’s 90MW share of renewable energy estimated to offset 70,000 tons of CO2 emissions at its Baytown, Texas, site annually, starting in late 202…
Concept car "muc023" takes 2nd place in the international car race "Shell Eco-marathon" (Europe and Africa)Front and side windows made of transparent lightweight plasticNew polycarbonates with alternative raw materials
Covestro inaugurates new production line and launches new Desmopan®UP TPU series for Paint Protection Film in the automotive and wind sector
New production line started in Taiwan to produce high performance TPU suited for Paint Protection Film (PPF) gradesProducts to be made available globallyNew TPU-based PPF solutions offered under Desmopan®UP brand nameLong-lasting protection for autom…
Solar coating solutions help to harvest more energy from the sun
Solar coatings plant of Covestro in the Netherlands celebrates its 10th anniversaryThe Netherlands houses the largest independent solar glass coatings producer in EuropeThe journey started 10 years ago as a start-up business producing an innovative c…
Design Sprouts Material: a special event by Covestro and MM Design to explore the inseparable relationship between materials and design
Design Sprouts Material presents the bidirectional links between materials and design and their presence in people's daily livesAn informative and experimental space for all visitors who want to interact with innovative materials, surfaces and colors…
Covestro expands its circular economy portfolio to all major regions
Covestro’s third-largest site, Baytown, Texas, USA receives ISCC PLUS certificationFocus on mass balanced products using recycled and bio-attributed raw materialsAlready hundreds of products made from alternative raw materials in the circular "CQ" po…
Covestro expands production capacity for polycarbonate films in Thailand
Investment in the higher double-digit million euro rangeCompletion planned by 2025Applications in ID card, automotive and electronics industriesGrowing range of more sustainable films
Partner for practical and visionary coating and adhesive solutions
Comprehensive portal with innovative topics for current and future material developmentsLively meeting place for exciting digital collaboration with the coatings and adhesives sector and downstream industriesWebinars on key strategic coatings and adh…
New site to be built in Zhuhai, South China, with an annual capacity of 120,000 tons of TPU per year after final phase of expansionExpansion to happen in three phases: First phase to be completed in late 2025, final phase to be completed in 2033Total…
More climate-friendly headlamp concept with polycarbonate
NALYSES research project looks at the entire product cycleConsortium of industry and scienceTransfer of project results to other industries plannedFunding by German Federal Ministry of Education and Research
Covestro pushes boundaries of materials for printed electronics
Covestro offers smart materials solutions for a smart living worldAt LOPEC 2023, Covestro highlights substrates tailored for automotive, electronics, healthcare and consumer applications
Covestro launches new ultra-durable material solution for healthcare and life sciences
Makrolon® 3638 polycarbonate is engineered to meet rigorous standardsMaterial offers a unique combination of properties that are maintained over a wide temperature rangeIt underscores the commitment of Covestro to developing innovative material solut…
Ideas for the kitchen and bathroom sought in 2023 student plastics design competition
Budding designers interested in working with plastics have been set a challenge to design a new product for the kitchen or bathroom by the Design Innovation in Plastics (DIP) competition, 2023, sponsored by Covestro.
Covestro and Lanxess cooperate to produce more sustainable raw materials with reduced CO₂ footprint
Companies agree production of key basic chemicalsCovestro uses electricity with certificates of origin from hydropower for electrolysis in North Rhine-WestphaliaCooperation reduces CO₂ emissions by up to 120,000 tons per year
Covestro transports products from Asia on ships of Lidl subsidiary Tailwind Shipping Lines
Faster and more timely thanks to greater independence from major shipping companiesMore flexibility: direct route from Asia to Europe, smaller ships, several possible destinations
Covestro signs major renewable energy supply contracts with Chinese producer CGN
Multi-year contract calls for annual purchase of 300 gigawatt hours of wind and solar power from CGNPlans to cover 30 percent of electricity demand at Covestro's Shanghai siteSolid basis for significant reduction in greenhouse gas emissions
