ÃÜÌÒAV closes sale of joint venture shares in Dubai systems house
Systems house business of ÃÜÌÒAV fully divested
ÃÜÌÒAV has successfully completed the sale of its 51 percent share in the joint venture Pearl ÃÜÌÒAV Polyurethane Systems FZCO in Dubai (United Arab Emirates), effective as of July 26, 2021. The proceeds are in the mid-single-digit million euro range. The shares were sold to former co-shareholder Pearl Industries Overseas Ltd., which will continue to operate the systems house business as Pearl Polyurethane Systems. ÃÜÌÒAV remains the key supplier of polyurethane raw materials based on the contract signed.
With the successful closure of this transaction, ÃÜÌÒAV has now fully divested its system house business. The divestment is part of the company's ongoing portfolio optimization. ÃÜÌÒAV already sold its North American systems house business in 2017. This was followed in 2019 by the sale of the European systems house business with sites in the Netherlands, Denmark, Spain and Germany, as well as further businesses in Italy.
About ÃÜÌÒAV:
ÃÜÌÒAV 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. ÃÜÌÒAV 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 ÃÜÌÒAV 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, ÃÜÌÒAV 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. ÃÜÌÒAV generated sales of EUR 14.2 billion in fiscal year 2024. At the end of 2024, the company had 46 production sites worldwide and employed approximately 17,500 people (calculated as full-time equivalents).
Forward-Looking Statements
This news release may contain forward-looking statements based on current assumptions and forecasts made by ÃÜÌÒAV. 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 ÃÜÌÒAV¡¯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.