Covestro AG (1COV.DE)
Tue, Oct 9 2018
FRANKFURT Germany's Covestro will invest 1.5 billion euros ($1.7 billion) in a new plant in Texas to produce the main chemical used in polyurethane foams, taking up a challenge posed by rivals' growth plans.
* Baytown project expenditures to peak 2021-2023 (Adds CEO comment on rival projects, investment spread over time)
FRANKFURT, Oct 9 Germany's Covestro, the former plastics unit of Bayer, will invest 1.5 billion euros ($1.7 billion) in a new production plant in Baytown, Texas for chemicals that go into rigid insulation foams.
FRANKFURT Bayer is inviting financial investors to bid for its 60 percent stake in chemical park operator Currenta after initially failing to agree a sale to its former chemicals subsidiary Covestro, three people familiar with the matter told Reuters.
* Q2 EBITDA up 16.2 percent to 985 bln euros vs f'cast 1.2 bln
FRANKFURT, July 26 Germany's Covestro raised its earnings guidance and bolstered its investment ambitions, encouraged by strong demand for its specialty materials such as transparent polycarbonate plastics.
FRANKFURT, April 26 Higher Prices for foam chemicals and transparent plastics helped Germany's Covestro post a gain of more than a quarter in quarterly core earnings.