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Thursday - October 19, 2017

Strong signal from the workforce

Covestro wins the German Chemistry Award 2017

Company honored for exemplary and sustainable HR performance / Award decision based on a survey of managers / Prize serves as an expression of employees’ faith in the company / Covestro honored for the second time by the VAA
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Covestro Board member and Labor Director Dr. Klaus Schäfer speaks at VAA Deutscher Chemie Preis

During a festive gala, Covestro was presented with the German Chemistry Award 2017 last night by the VAA, the Managerial Association of the Chemical Industry. Dr. Klaus Schäfer, member of the Board of Management at Covestro AG, accepted the award in his function as Labor Director from Rainer Nachtrab, the First Chairman of the VAA.

The VAA has been presenting the German Chemistry Award each year since 2008 to companies that apply exemplary and sustainable human resources policies. The jury bases its decision on the results of a regular survey that is conducted among more than 7,000 managers in the chemical-pharmaceutical industry.

In his acceptance speech, Dr. Klaus Schäfer stressed the need for a good working relationship among all employees: “The results for Covestro are primarily based on team spirit and a trusting, respectful work environment.” He also expressed his thanks to Covestro’s employees for the contribution they have made to the company’s successful start into independence. The Board of Management member noted that this transition created many changes and challenges that the company’s managers and employees had to quickly overcome together.

In 2016, the VAA had presented Covestro AG with a special award. The company finished second place last year in the manager survey shortly after being spun off by Bayer. “This positive ranking demonstrates that our employees stand fully behind the strategic direction we began two years ago,” Dr. Klaus Schäfer said. The award illustrates the importance of sustainable HR work for employees’ trust in their employer. The results of the survey demonstrate to Covestro that it should remain on its current strategic path.

In his keynote address, Karl-Josef Laumann, the Minister for Labor, Health Care, and Social Affairs in the German state of North Rhine-Westphalia, addressed his audience directly. The address honoring the winner was given by Dr. Frank Heinricht, the chairman of the Board of Management of Schott AG, which received the award last year. Dr. Markus Steilemann, Chief Commercial Officer of Covestro and future CEO, also attended the gala held in Cologne’s Wolkenburg event venue. Many other executives and HR directors from the chemical-pharmaceutical industry also accepted the VAA’s invitation to the event.

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.

Find more information at www.covestro.com.

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.