Covestro AG (1COV.DE)
Tue, Nov 20 2018
FRANKFURT German chemicals maker Covestro warned it expected a slight decrease in earnings this year compared with a gain seen previously, leading its shares to slump to a two-year low.
* Q3 EBITDA 859 mln eur vs 830 mln eur poll avg (Adds details on earnings development, outlook)
FRANKFURT, Oct 25 Germany's Covestro plans to reduce costs by 350 million euros ($400 million) per year from 2021, aiming to reign in an increase in expenses from an investment push to widen output capacity.
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.