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Monday - September 11, 2017

Technology Review global ranking

Covestro among the 50 most innovative companies

Highly sustainable new process for aniline production is honored / Plants used in place of crude oil for production of important chemical
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Breakthrough in research: Covestro and partners succeeded in producing aniline from plants. Project manager Dr. Gernot Jäger is working with his team to further develop the new process.

The magazine Technology Review has ranked Covestro as one of the 50 most innovative companies of 2017. A highly sustainable production process earned the materials manufacturer a place in the global ranking by the German-language edition of the research magazine, which is published by the renowned Massachusetts Institute of Technology (MIT) and honors “groundbreaking ideas and pioneering advances.” The selections for the ranking were announced at a gala event in Berlin.

Covestro has successfully used plant-based raw materials to produce aniline, an important chemical compound in chemical industry and the company’s manufacturing processes. This results in savings of petroleum, the raw material that has generally been used. The ranking’s top 50 include start-ups as well as other multinational companies such as Amazon, Alphabet Inc. (Google), Merck and Daimler.

A broader base of raw materials

“We are delighted to be honored by Technology Review, and this recognition demonstrates once again our company’s great capacity for innovation,” said Dr. Markus Steilemann, Covestro’s Chief Commercial Officer, who is responsible for innovation, marketing and sales. “Being able to derive aniline from renewable raw materials is a further key step towards making the chemical and plastics industries more independent of scarce fossil raw materials and market fluctuations. It’s another example of how we are pursuing our vision for making the world a brighter place.”

Covestro developed the entirely new production process in collaboration with partners – the University of Stuttgart, the CAT Catalytic Center at RWTH Aachen University, and Bayer AG – and has confirmed its feasibility in the laboratory. One hundred percent of the carbon in the aniline produced in this way is derived from biomass. The process is now being carried over to production of greater technical dimensions. The ultimate goal is to produce bio-based aniline on an industrial scale. That would be an unprecedented achievement in the industry.

About Covestro:
With 2016 sales of EUR 11.9 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 15,600 people (calculated as full-time equivalents) at the end of 2016.

Video-footage of the event.

Find an infographic here.

Find more information at www.covestro.com.
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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.