Covestro invests 100 million Euros in R&D to boost global innovation centers

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Oct 08, 2024, 13:37 ET

Upgraded infrastructure for future technologies to realize sustainable solutions in all regions
Digital R&D simulations to research recycling innovations
Investments drive applications in core industries automotive and construction

PITTSBURGH, Oct. 8, 2024 /PRNewswire/ -- Covestro invests around 100 million Euros in its global R&D infrastructure and assets. With investments over a timeframe of three years until 2025, the global supplier of high-performance materials continues to secure its future competitiveness in a challenging environment. To create value for customers in every business section, the company focusses on future technologies to accelerate on the way to a full circular economy. A global digitalization strategy in R&D is a key building block on this way. Covestro is committed to becoming fully circular with continuous investments in its main innovation centers. With modernized equipment for customer service, automated systems and new digital capabilities being introduced in laboratories and technical centers around the globe, Covestro follows a holistic approach with activities at different levels.

Progress through continuous investments: Thanks to its latest modernizations, Covestro is driving the realization of its vision to become fully circular.

Sucheta Govil, CCO at Covestro: "Our investments in R&D are integral to our strategy of creating value for our customers. They are enabling us to expand and maintain our innovation pipeline at a high level. By this, we are the go-to partner for more sustainable solutions which help to meet the climate-neutrality targets of our customers. Thanks to this global innovation booster, we come even closer to our joint goal to become fully circular."

Digitalization leads the way to the laboratory of the future
One of the key examples of the R&D investments and cooperation across different business segments is the globally available expertise for In-Mold-Coating (i.e., Direct Coating), with the facilities in Leverkusen and other main R&D sites that were enhanced recently. To support further developments in process technology, end-to-end digitalization was implemented to record all process-relevant data. In the highly competitive automotive industry, innovation in In-Mold-Coating technologies enables high quality surfaces for a modern design of cars. This directly feeds the demand for a more efficient automotive production.

Another important investment milestone: High-performance computers (HPCII) mark the next expansion stage of technological evolution in Leverkusen towards an innovation incubator for the circular economy. By enabling simulation of chemical processes, the high-performance computers enable faster and more sustainable research processes. Amongst others they are used for example in foam processing simulations for refrigerators and enable energy efficiency and improved cool chains in end products.

"Simulations of chemical processes are a key element in the development of recycling technologies and research on new molecule classifications," said Torsten Heinemann, Head of Group Innovation & Sustainability at Covestro. "Moreover, laboratory digitalization enables test data to be recorded in higher quality and to a greater extent than is usual in analogue ways. Both help us to find the most possible and more sustainable solutions for our customers more quickly. Many developments in the field of recycling would be like looking for a needle in a haystack without digital R&D and simulations. "

Chemical recycling is a promising approach especially for plastics that cannot be mechanically recycled or can only be recycled with considerable effort. With chemical recycling, large quantities of the original material can be recovered. One example is the Evocycle ^® CQ mattress project: Together with partners, Covestro has developed an innovative technology for the chemolysis of flexible polyurethane foams from used mattresses, in which the main components –polyol and the precursor to the isocyanate TDI – can be recovered. In this way, used mattress foams are directly converted back into renewed polyurethane building blocks.

Infrastructure and global sites benefit from ongoing investment

A functioning infrastructure is the basis for innovative research. Covestro's investments therefore include modernization measures in its laboratories in Leverkusen. These laboratories drive among others application technology for coatings and adhesives in core industries like automotive and construction, but also special areas such as light guiding applications as well as medical applications.

Also in the U.S., Covestro is investing in a series of modernization and technical upgrades across its Pittsburgh campus. Covestro views the U.S. market as innovative and high potential. By improving the R&D facilities it signals strong commitment to the customers.

In the innovation center in Shanghai, China, distinct investments into infrastructure and digitalization over the past months echoed the leading solutions developments for automotive and electronics industries.

About Covestro:
Covestro is one of the world's leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, telecommunications and health, as well as in the chemical industry itself.

The company is geared completely to the circular economy. In addition, Covestro aims to achieve climate neutrality for its Scope 1 and Scope 2 emissions by 2035, and the Group's Scope 3 emissions are also set to be climate neutral by 2050. Covestro generated sales of EUR 14.4 billion in fiscal year 2023. At the end of 2023, the company had 48 production sites worldwide and employed approximately 17,500 people (calculated as full-time equivalents).

Find out more about Covestro on our homepage.
Read more in our Corporate Blog.

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.

CONTACT:
Russell Glorioso
Telephone: 724-799-0321
EMail: [email protected]

SOURCE Covestro