Covestro increases stake in DIC Covestro Polymer JV 80 percent

Covestro increases stake in DIC Covestro Polymer JV to 80 percent

6:15 AM, 30th November 2018
Kaoru Ino, representative director, president and CEO of DIC Corporation and Dr Markus Steilemann, CEO of Covestro agreed on another milestone in more than 18 years of strong partnership.
Kaoru Ino, representative director, president and CEO of DIC Corporation and Dr Markus Steilemann, CEO of Covestro agreed on another milestone in more than 18 years of strong partnership.

LEVERKUSEN, GERMANY: Covestro has increased its stake in the joint venture DIC Covestro Polymer Ltd (DCP) from 50 percent to 80 percent. 

The investment is part of Covestro’s expansion of its global thermoplastic polyurethanes (TPU) business. The total investment sums up to a low double-digit million euro. Closing of the deal is planned for early second quarter of 2019.

DIC Corporation (DIC) will continue to support the success of DCP with its industry network, strong brand name, and as a reliable local partner.

“The strong and long-term partnership of both companies, as well as our thorough understanding of the future growth potential make this acquisition a fitting step in Covestro’s growth strategy focusing on sustainability-driven innovation,” said Dr Markus Steilemann, CEO of Covestro.

“DCP’s unique local capabilities together with Covestro’s global network will form a powerful combination going forward. The differentiated product portfolio fits well into our pursuit to grow in more resilient, profitable businesses. It shows a clear commitment from Covestro to the Japanese market,” added Kimiyasu Yonemaru, president of Covestro Japan.

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