Covestro Named the ICIS Company of the Year

LONDON and NEW YORK, September 18, 2017 /PRNewswire/ --

Germany-based Covestro has been named the ICIS Company of the Year, based on 2016 financial metrics.

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The ICIS Company of the Year analysis is based on year-on-year growth in sales, profits and margins for the leading global chemical producers, also taking into account the absolute level of returns at the operating and at the net level relative to sales and total assets.

"We congratulate Covestro for a stellar financial performance in its first full year as a public company in 2016 where adjusted earnings before interest and tax (EBIT) rose 41% year on year and the stock price more than doubled even amid concerns about potential overcapacity in polyurethane intermediates," said Joseph Chang, Global Editor of ICIS Chemical Business.

"The company performed particularly strongly in its debut year and the gains made in profits and returns ensured that it topped the detailed ICIS analysis of financial metrics collected for the ICIS Top 100 Chemical Companies listing," said Nigel Davis, ICIS Insight Editor.

In 2016, Covestro's net income jumped 132% to €795m despite a 1.5% decline in sales to €11.9bn. It registered core volume growth of 7.5% amid a challenging pricing environment.

"It goes without saying we are honored to be awarded Company of the Year by ICIS, which is at the same time a huge compliment to all Covestro employees worldwide," said Patrick Thomas, Covestro CEO.

"The first six months of 2017 were very positive for Covestro and underscore our strong position in our customers' industries across key regions. Our performance is underpinned by the consistently strong demand for our products leading to 10 consecutive quarters of EBITDA growth as of June 30, 2017. We will continue to be committed to generating value for our shareholders by further focusing on R&D and innovation," he added.

The ICIS Company of the Year is the 3^rd part in the ICIS Top 100 Chemical Companies series, which comprises the Top 100 listing as Part 1 published in the September 1 issue, and the Regional Leaders as Part 2 published in the September 8 issue of ICIS Chemical Business magazine.

The ICIS Top 100 Chemical Companies series is sponsored by U.S. Chemicals, a Maroon Group company.

Click here to download the ICIS Top 100 Chemical Companies listing, along with the ICIS Company of the Year article, and the Regional Leaders.

ICIS Chemical Business is part of ICIS. 

ICIS is the world's largest petrochemical market information provider with divisions spanning energy and fertilizers. Our aim is to give companies in global commodities markets a competitive advantage by delivering valuable information and analytics tools which enable our customers to identify and react to opportunities in markets which are constantly evolving. We have more than 30 years' experience of providing pricing intelligence and news, forecast data, market analytics and independent consulting to buyers, sellers and analysts. 

With a global staff of more than 600, ICIS has employees based in Houston, Washington, New York, London, Montpellier, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Yantai, Tokyo and Perth. Some 350 of ICIS's staff are journalists engaged in reporting market prices and news, and ICIS is fully committed to upholding the highest journalistic principles of verification, corroboration and authentication. ICIS has a compliance framework that along with its methodologies and business processes adheres to the requirements of the IOSCO PRA Principles.  

ICIS is a division of Reed Business Information, part of RELX Group.

About Reed Business Information

Reed Business Information provides information, analytics and data to business professionals worldwide. Our strong global products and services hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation, where we help customers make key strategic decisions every day. RBI is part of RELX Group, a global provider of information and analytics for professional customers across industries.
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About RELX Group

RELX Group is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people, of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. The total market capitalisation is approximately £33.0bn/€36.6bn/$43.6bn.
http://www.relx.com

About Maroon Group

Maroon Group continues to be one of the fastest growing specialty chemical and ingredient distributors in North America. Based in Avon, Ohio in the US, Maroon Group thrives on creating success for customers by forming partnerships with global manufacturers and supplying world-class products and value-add service offerings. Maroon Group operating companies include Addipel, Cadence Chemical, CNX Distribution, DB Becker, Lincoln Fine Ingredients, Maroon, Polyram USA and U.S. Chemicals. The Company continues to aggressively explore opportunities to expand via organic growth and strategic acquisitions. Additional information about Maroon Group and each of our companies can be found at http://www.maroongroupllc.com.

For editorial inquiries, contact:
Joseph Chang
Global Editor, ICIS Chemical Business
T: +1-212-791-4224
[email protected]

For commercial inquiries, contact:
John Hill
Head of Sales - Conferences, Publishing & Training
ICIS
T: +44-(0)-20-8652-3893
[email protected]

SOURCE ICIS