German based materials manufacturer Covestro will provide Polycarbonate Specialty Films from Guangzhou, China. For this purpose, the current Polycarbonate sheets production lines at the site will be either closed or refunctioned and state-of-the-art Specialty Films production will be added. Polycarbonate Specialty Films are a highly versatile material used in various applications such as mobile phone housings, government security documents such as passports or in the automotive sector - all of which are strongly growing markets in China.
“By turning our sheets outlet in Guangzhou into a Specialty Films production site we leverage several advantages”, said Markus Mingenbach, Head of Specialty Films for the APAC region at Covestro. “Firstly, we can meet increasing demand of our customers without the need to build up an entirely new plant with new infrastructure and assets. Secondly, we can build on the highly skilled and experienced production employees of the sheets business. This enables us to ramp up production and meet customer demands quickly and efficiently.”
Taking over the Guangzhou site marks a strategically important investment for the Covestro Specialty Films unit. It gives the business an efficient option to grow and serve customer needs in China and APAC in line with the value proposition of trust, service, and innovation. With this decision Specialty Films intends to strengthen its position as customers’ partner of choice by improving its service level in this important market.
Covestro announced the divestment of its overall sheets business in March, starting with the sale of its outlet in Sheffield, US. Other outlets in China and EMEA were said to be under investigation. The repurposing of the Guangzhou outlet is thus the next step in this process. It supports Covestro’s strategy to proactively manage its portfolio and focus on its core business.
With 2017 sales of EUR 14.1 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 16,200 people (calculated as full-time equivalents) at the end of 2017.
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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.