Covestro gains DAX listing
Germany-headed Covestro, a leading supplier of high-tech polymer materials has announced that Deutsche Boerse has included the company in the German equity index DAX as of March 19, triggered by the fast-entry rule. Since its Initial Public Offering (IPO) in October 2015, Covestro's market capitalization and free float have increased continuously. Already in 2015, Covestro was included in the MDAX index, and it has also been a member of the STOXX Europe 600 since spring 2016.
With 2017 sales of EUR 14.1 billion, Covestro is among the world’s largest polymer companies. Its business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions, including bio-based polymer 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.
We are extremely happy to be admitted to DAX. It is a further confirmation of the successful development of our company in the recent years and the attractiveness of our share. In the future, Covestro will thus gain even more attention. I would like to thank all employees of Covestro for this great success, said Patrick Thomas, CEO of Covestro AG.
Since the IPO, the former parent company Bayer AG has continuously reduced its stake in Covestro. As of March 5, 2018, the free float of Covestro is around 86 percent, market capitalization amounts to around EUR 17.6 billion. Covestro has 30 production sites worldwide and employs approximately 16 200 people calculated as full-time equivalents at the end of 2017.