PITTSBURGH, April 25, 2025 -- ����AV LLC is proud to announce Michelle Montgomery, a Senior Chemist at the company's Pittsburgh campus, has been named a 2025 Women MAKE Emerging Leader by The Manufacturing Institute. 

The Women MAKE Awards honor 130 women at all levels of manufacturing who have demonstrated leadership and excellence in their careers and represent the future of the manufacturing industry. The Emerging Leader category specifically highlights women under the age of 30 who have achieved significant accomplishments at the beginning of their careers. 

Since Michelle joined ����AV in 2017, she has embodied ����AV's mission to make the world a brighter place through her commitment to both technical innovation and to ����AV’s culture within the company and in the community. Her innovative work has resulted in two patents and combined with her work in the community, recently earned her recognition in the Pittsburgh Business Times’ 30 Under 30. 

Michelle leads ����AV's Global Instrument Panel Technology Council in North America, where she champions sustainable automotive design. Her achievements include co-developing an award-winning lightweight polyurethane foam, reducing testing costs through enhanced in-house capabilities, and securing two patents for sustainable foam innovations—all before age 25. Michelle champions diversity in STEM through mentoring FOSSI scholars and inspiring over 150 young girls through Girls Inc., actively building a more inclusive future in science. 

"We are incredibly proud of Michelle for this well-deserved recognition," said Julia Rubino, a Women MAKE awardee in 2018 and executive vice president and global head of ����AV’s Tailored Urethanes business. "Her community involvement, technical expertise, and innovative spirit exemplify the bright future of manufacturing and ����AV's commitment to fostering talent in our industry." 

As part of her recognition, Michelle attended the Women MAKE Awards gala on April 24 in Washington, D.C. The event celebrated all honorees and featured professional development sessions aimed at fostering female talent in manufacturing. 

"I am honored to receive this award and grateful for the opportunities ����AV has provided me," said Montgomery. "I hope to inspire more young women to pursue careers in manufacturing and demonstrate the exciting possibilities in this field." 
����AV's support of the Women MAKE Awards aligns with the company's broader commitment to supporting development, growth, belonging and excellence for all. 

Read Montgomery’s full profile on the , located on page 74. 
 

Learn more!

Dr. Markus Steilemann, CEO of ����AV, began his speech to the Annual General Meeting with a review of fiscal year 2024, which had been characterized by continuing market weakness, intense competition and geopolitical uncertainties. “Despite the challenging conditions in the chemical industry, we leveraged our strong foundation and unswervingly implemented the transformation of our company to the circular economy. In the past year, we systematically tapped potential and made important progress on our path to becoming an innovative and sustainable chemical company. We’ll stick to this course rigorously in the current fiscal year and concentrate on our strengths in four strategic focus areas.”

To build the chemical company of the future, ����AV has refined its strategy and adapted it to current market needs. At the same time, the company is rigorously scrutinizing its structures. “We are literally leaving no stone unturned in order to identify and implement any as yet unutilized efficiency potential and growth opportunities. We are now even more agile, leaner and more targeted in our approach. Our ways of working and our processes are being comprehensively rethought,” says Markus Steilemann.

By 2028, ����AV aims to cut costs by 400 million euros a year by enhancing its performance and improving its structures. ����AV is focusing its strategy on four key action areas: the ongoing transformation, sustainable growth, digitalization and innovation, and the systematic implementation of ambitious sustainability targets. A vital component of the transformation is the targeted management of global production capacities. By investing in innovative and sustainable materials and expanding key sites, ����AV is strengthening its competitiveness in cutting-edge markets. At the same time, the company is pressing ahead with its transition to the circular economy and reducing its ecological footprint by increasing its use of renewable energies and developing innovative recycling technologies. An additional focus is on digitalization along the entire value chain in order to make processes more efficient and tap new growth opportunities.

Steilemann also emphasized the importance of the partnership with XRG, which is seen as a strong and long-term partner for ����AV: “This is the right step at the right time.” The transaction is expected to be closed in the second half of 2025.

Reelection of members of the Supervisory Board

Effective the end of the Annual General Meeting on April 17, 2025, the regular term of office of five members of the Supervisory Board of ����AV who had been elected by the Annual General Meeting terminated. The shareholders confirmed the reelection of Dr. Christine Maria Bortenlänger, Lise Kingo, Dr. Richard Pott, Regine Stachelhaus and Patrick W. Thomas for a further two-year term of office. The candidates have extensive expertise in the fields of capital markets, sustainability, corporate governance and industry. Dr. Richard Pott was reelected as Chair of the Supervisory Board.

No dividend distribution due to net loss

Christian Baier, CFO of ����AV, presented the key financial figures, emphasizing the impact of the actions to increase efficiency and improve plant availability. “We sold greater production volumes worldwide thanks to targeted measures. Nevertheless, falling selling prices led to a 1.4 percent decline in sales to 14.2 billion euros and, as a consequence, to a drop in the Group result. EBITDA remained stable, while higher impairments on property, plant, and equipment reduced the Group’s net income.”

In accordance with the Group’s dividend policy, which since 2020 has linked the dividend more closely to the financial situation of the company, a decision was made not to distribute any dividend for the fiscal year 2024.

Markus Steilemann ended his speech with a look ahead, summing up ����AV’s strategic alignment for the shareholders: “We face major challenges, but under our strategy we’re driving our transformation with a clear plan. ����AV is committed to cost leadership, efficiency and innovation in order to actively shape a sustainable future. As a pioneer in the circular economy, we are well-positioned to successfully master the transformation in the industry.”

Further information and documents 

• You can find a recording of the 2025 Annual General Meeting, the manuscripts of the presentations and press photos at Media Kit | Annual General Meeting | ����AV. 
• The detailed voting results on the agenda items at the Annual General Meeting are available at Annual General Meeting I ����AV | ����AV. 
   

Here you can rewatch the 2025 virtual Annual General Meeting from Thursday, April 17, 2025. 

Speeches:

You can download the speech of CEO Dr. Markus Steilemann, CFO Christian Baier and Chairman of the Supervisory Board Dr. Richard Pott here.

Photos:

Further documents for the Annual General Meeting 2025:

Further documents for the Annual General Meeting, the agenda as well as the voting results can be found here.

Annual Report 2024:

The results of our fiscal year 2024, snackable stories behind the numbers and further information about ����AV can be found

����AV at a Glance:

Are you looking for more information? Here you could find further facts about ����AV.

"This new line of polycarbonate represents a significant step in supporting the automotive industry's transformation towards a circular future," said Lily Wang, Global Head of the Engineering Plastics Business Entity at ����AV. "By offering high-quality PCR materials derived from end-of-life headlamps, we're enabling our customers to meet increasingly stringent regulatory requirements while contributing to closed-loop recycling of automotive plastics."

Under this initiative, ����AV has been collaborating with partners, including Chinese recycler Ausell and leading automakers, to establish closed-loop pathways for high-value plastics from end-of-life vehicles (ELVs). This program focuses on strengthening recycling processes and establishing reliable supply chains for high-quality recycled materials from automotive waste streams. Through this partnership, ����AV and its value chain allies have developed practical solutions for collecting and mechanically processing end-of-life headlamps into high-quality PCR grades suitable for a range of automotive applications.

"This partnership underscores the importance of cross-sector collaboration in driving the circular economy forward," said Martin Hansen, Regional Director of GIZ in East Asia. "By bringing together key industry players, we are not only creating viable solutions for recycling high-value plastics from end-of-life vehicles but also fostering innovation that supports a sustainable, closed-loop material flow in the automotive industry."

The introduction of these new PCR grades comes at a critical time as the automotive industry, one of the most resource-intensive sectors, faces increasing environmental challenges and regulatory pressures. The EU's End-of-Life Vehicle Directive, which sets recycling targets, along with China's Extended Producer Responsibility (EPR) program and growing sustainability requirements in key global markets, are pushing automotive manufacturers worldwide to seek innovative and sustainable material solutions that comply with evolving regulations.

����AV’s new PCR grades meet the high-performance standards required for demanding automotive applications, offering excellent surface quality for superior aesthetics and adhering to strict Vehicle Interior Air Quality (VIAQ) requirements. This combination of sustainable content and premium performance empowers automotive manufacturers to meet both regulatory demands and environmental goals without compromising on product quality.

As part of its broader commitment to sustainability and the circular economy, ����AV continues to expand its portfolio of recycled-content materials. In recent years, the company has introduced PCR polycarbonates with up to 90 percent recycled content, and opened its first dedicated mechanical recycling compounding line for polycarbonates in Shanghai. Last year, it introduced a new range of polycarbonates based on chemically recycled, attributed material from post-consumer waste via mass balance for the first time.

Coffee is one of Ethiopia’s most important trade commodities and provides a livelihood for many smallholder farmers. However, changing climate conditions—such as rising temperatures and irregular rainfall—are significantly impacting coffee cultivation. Yields are decreasing, and plants are becoming more susceptible to diseases. This is where the ����AV and GIZ project comes in, working to make coffee production more efficient and resilient.

To achieve this, ����AV has supported to develop solar dryers—parabolic structures that function like greenhouses but offer better control over temperature and humidity. Instead of glass, lightweight, transparent, and insulating polycarbonate multiwall sheets are used, which also provide UV protection. This technology enables fast and hygienic drying of coffee while protecting the harvest from rain, pests, and mold.

GIZ supports the project as part of the German development program develoPPP, which promotes sustainable initiatives in developing and emerging countries. The goal is to combine private sector engagement with development policy objectives to achieve long-term economic and social benefits. "The solar-powered greenhouse dryers have significantly reduced drying times for both washed and naturally processed coffees. This allows farmers to process their coffee more efficiently and bring it to market faster. Additionally, the sealed environment of the dryers protects the beans from contamination, improving quality and minimizing waste. Local cooperatives have embraced this innovation as a valuable asset for their coffee production," explains Dr. Helene Widmer, Project Manager at GIZ. "Our collaboration with ����AV demonstrates how innovative material technologies can contribute to stabilizing agriculture."

Pejman Norastehfar, Head of Inclusive Business EMEA at ����AV, adds: "The successful implementation of solar dryers impressively demonstrates the positive impact that innovative and sustainable technologies can have on the coffee industry. We are proud to work with GIZ and local cooperatives to provide a solution that not only increases efficiency but also enhances the quality and shelf life of coffee. With our solutions, we can help address the challenges of climate change right here on the ground."

So far, six solar dryers have been installed in Ethiopia, and the project continues to gain momentum. One of Ethiopia’s largest coffee roaster has taken notice of the solar dryers and has already purchased four additional units for its own production, which are installed at the moment.

This recognition highlights ����AV's exceptional service, innovation and dedication to advancing sustainability in the mattress industry as well as significant contributions to the Mattress Recycling Council's efforts to promote circular economy principles within the bedding sector. ����AV's innovative materials and solutions have played a crucial role in enhancing the recyclability and sustainability of mattress products.

"We are deeply honored to receive this award from ISPA," said Richard Skorpenske, Head, Public Affairs, ����AV LLC. "This recognition underscores our dedication to developing sustainable solutions that not only meet the needs of our customers but also contribute to a more circular economy in the mattress industry."

����AV's sustainability leadership in the sleep industry ranges from identifying new applications for foam at the end of the mattress life cycle, to creating innovative adhesive solutions that facilitate easier disassembly and recycling of mattresses, to collaborating with industry partners to establish efficient recycling processes for end-of-life mattresses.

The company's efforts align closely with the Mattress Recycling Council's mission to reduce waste and promote the recycling of mattress materials, contributing to a more sustainable future for the industry.

The ISPA Industry Awards, presented annually, recognize outstanding contributions in the sleep products industry.

For more information about ����AV's sustainable solutions for the mattress industry, please visit covestro.com.

"With our automated laboratory, we can work together with our customers on the future of coatings and adhesives. Because it operates almost completely autonomously and learns from our existing knowledge and data lake as well as newly generated data, it makes the process of optimizing and developing formulations many times more efficient and precise. This allows us to optimize existing formulations faster or even develop completely new formulations for and together with our customers. We can say: We are reaching a new level of modern research," says Thomas Büsgen, head of the laboratory.

Testing Formulations with ����AV Binders and Crosslinkers 

Specifically, the new laboratory will test formulations with ����AV binders and crosslinkers for coatings and adhesives. Their clever selection ensures properties such as hardness, adhesion, opacity, gloss, or durability. Such formulations typically consist of seven to 15 components, whose combination determines the properties of the final product. The resulting high number of possible combinations means that standard formulations are usually used. The new laboratory now enables more extensive test series, also thanks to the computer-aided design of test series and the use of automation.

"Our new automated laboratory gives us more possibilities for testing formulations. It relieves our specialized laboratories of their standard tasks and can analyze samples more systematically. This allows us to focus our expertise and experience even more on customer-specific topics or try approaches we couldn't have implemented otherwise," says Martin Merkens, Head of Sales & Market Development EMLA in ����AV's Coatings and Adhesives business entity. “This will particularly help us in the area of circular economy: Alternative raw materials, for example bio-based or recycled materials, can be tested faster and evaluated for their properties in the final product.”

Facility to Run Tens of Thousands of Tests Annually 

The new facility can operate 24 hours a day, 7 days a week. The goal is to run tens of thousands of tests annually. This sets a new standard in terms of number, variety, precision, and testing speed. Another advantage: The automated laboratory generates a large amount of structured data. The knowledge about formulation possibilities and influencing factors thus will grow rapidly. The collected data, combined with measurement data from existing studies, is evaluated using special machine learning algorithms to further improve formulations. Artificial intelligence is also used to predict new experiments based on property goals and simultaneously verify them in the automated laboratory – creating a self-learning system.

In addition to formulating water- and solvent-based 1K and 2K systems, the automated laboratory also performs numerous material tests on the raw materials themselves, their formulations, and applied films. Application can even take place in different climates in the lab to simulate product use under application conditions. The progressing laboratory digitalization across ����AV also enables easy forwarding of generated samples to more specialized testing laboratories. This makes it possible to supplement the datasets with market-specific test results and identify relevant dependencies more quickly.

����AV at European Coatings Show 2025 in Nuremberg 

At the European Coatings Show from March 25-27 in Nuremberg, experts from application development and segments such as automotive, printing & packaging, or construction & architecture will be present to discuss new, joint approaches made possible by the laboratory with customers. Visit the company's booth in Hall 4A, Stand 438. There you can learn more about the laboratory and other innovative material solutions and technical developments for the coatings and adhesives industry.

Follow further updates on this topic . 

"The successful completion of this project shows that climate protection and competitiveness can go hand in hand," says Dr. Philip Bahke, Head of the North Rhine-Westphalia Site Network. "The modernized plant sets new standards in energy efficiency and underlines our path toward climate-neutral production. In light of persistently high energy costs, the project significantly strengthens the competitiveness of TDI production in Europe. My special thanks go to the entire project team, who professionally implemented this complex modernization during ongoing operations."

More Efficient Processes for More Sustainable Products

The modernized plant consumes 80 percent less energy than conventional processes, achieving a CO₂ reduction of 22,000 tons per year. This is made possible by a new reactor weighing over 150 tons (330,700 lbs) and almost 20 meters (65.6 feet) high, which uses the generated reaction energy for steam production. ����AV started the modernization in summer 2023. In total, the project installed over 3.5 kilometers of new pipelines, around 14 kilometers of cables, and hundreds of new equipment, valves, and monitoring instruments in the plant.

"In Dormagen, we operate Europe's largest TDI production plant. With the successful modernization, we can now offer our customers TDI with an even better carbon footprint," explains Dr. Christine Mendoza-Frohn, Head of Sales Performance Materials for the EMEA and LATAM regions. "This supports our customers in achieving their own sustainability goals and strengthens our position as a reliable partner for climate-neutral and circular solutions."

New Global Energy Efficiency Targets Presented

During the event, ����AV also presented its new, ambitious energy efficiency target for global production. The company targets a 20 percent reduction in CO₂ emissions from energy use per ton of product by 2030 compared to 2020, underlining the central importance of energy efficiency as a lever for achieving operational climate neutrality by 2035. The Dormagen TDI plant, with its annual capacity of 300,000 tons, serves as a prime example of the successful transformation of existing production facilities toward greater energy efficiency.

The Federal Ministry for Economic Affairs and Climate Action (BMWK) has supported this modernization through its federal funding program for energy and resource efficiency.

Further press release:

• ����AV publishes energy efficiency target ›

The energy efficiency target contributes to ����AV's ambitious plan to achieve climate-neutral production by 2035. It is to be achieved primarily thanks to more efficient processes and innovative technologies. For example, ����AV has now commissioned a modern reactor at its Dormagen site that uses waste heat from production processes to generate steam for further manufacturing steps. CO₂ emissions can thus be reduced by up to 22,000 tons per year.

The event to announce the energy efficiency target and the commissioning of the reactor was attended by guests from politics, business and the energy sector, including Oliver Krischer, Minister for the Environment, Nature Conservation and Transport of the State of North Rhine-Westphalia and Dr. Julia Metz, Director of Agora Industrie.

Energy efficiency is an important pillar of ����AV's corporate strategy: "Climate-neutral production can only be achieved if we significantly reduce our energy requirements for the manufacture of our products. This is because there is currently not enough renewable energy available at affordable prices to even begin to cover demand," says Dr. Thorsten Dreier, Chief Technology Officer of ����AV. "In addition, as a supplier of standard products, we must always keep our manufacturing costs as low as possible in order to be competitive in the global market." In view of persistently high energy costs, especially in Germany and Europe, energy reduction is therefore a decisive factor for business success.

At the announcement of the energy efficiency target and the inauguration of the energy-saving reactor in Dormagen, Oliver Krischer also emphasized in the panel talk with Dr. Julia Metz and Dr. Thorsten Dreier how important energy saving is for a sustainable future of the state - and what role the modernization of industrial production plays in this.

In parallel to its energy efficiency management, ����AV relies on renewable energy sources to achieve its climate neutrality goals. In 2024, for example, the company signed a contract with bp for electricity from solar power for the site in Tarragona, Spain, bringing the share of electricity from renewable energy sources at the site to 30 percent. Thanks to a PPA with RWE, the Antwerp site will be supplied with 60 percent renewable electricity from 2026. And four ����AV sites in the U.S. have been powered entirely by renewable electricity since the beginning of 2025. "We are on the right track and I am confident that we will achieve our sustainability goals," says Thorsten Dreier. "The energy efficiency measures will make an important contribution to this."

Here, you can see the paneltalk (German only): 

The Panelists

Further press release:

• ����AV Successfully Completes Modernization of its Dormagen TDI Plant ›

“While the decision to shut down the PO11-unit is difficult, we must ensure all assets within our portfolio are a long-term strategic fit,” said Aaron Ledet, executive vice-president I&D and Supply Chain at LYB. “We are prioritizing our core assets which play a key role in our technology differentiation and circularity strategy or provide attractive returns over the cost of capital. We take our obligations towards our employees, European employee reps, councils, and unions seriously. We have engaged with them in line with these obligations and will continue to do so. We would like to thank them for the constructive dialogue. We are also in communication with customers, suppliers and other parties across the value chain and will continue to do business as usual. There is no change to our working relationship, and we continue to focus on providing an exceptional customer and supplier experience.”

"As part of our Sustainable Future corporate strategy, we’re continuously working to optimally position ����AV to be a reliable partner for our customers and to operate competitively in a challenging market environment," said Hermann-Josef Dörholt, Head of the Performance Materials Business Entity at ����AV. "Due to global overcapacities, persistently weak demand, and high costs in Europe, we have jointly decided with LYB to close the PO11 plant. We will support LYB in implementing this change as socially responsibly as possible. At the same time, we remain committed to the European market and will continue to supply customers with our renowned polyether polyols portfolio.”

The Maasvlakte site, a joint venture between LYB and ����AV, has been operational in the Rotterdam region since 2003. Between now and the end of 2026, LYB will carry out a process to safely shutdown and prepare the demolition of the asset.

In 2024, LYB announced a strategic review of European assets of its Olefins & Polyolefins (O&P) and Intermediates & Derivatives (I&D) business units. LYB has taken the next step in evaluating the option to seek alternative ownership for the O&P sites in the strategic assessment. At this time no decisions have been made and various outcomes remain possible.

Special focus is placed on technologies that increase productivity while promoting circular economy. These include an automated laboratory for formulation development, material screening, and polymer analytics; an innovative Direct Coating process for the automotive industry, and a TÜV-certified, cloud-based solution for product-specific lifecycle analyses (LCA).

"Our customers' and partners' challenges are becoming increasingly complex. Be it accelerated development cycles, ever-higher product requirements, or circularity and recyclability. We offer innovative solutions that not only convince technologically but also make an important contribution to greater sustainability," explains Martin Merkens, Head of Sales & Market Development EMLA in ����AV's Coatings and Adhesives business entity. "At ECS 2025, we demonstrate how we make customers and partners successful and can accompany them every step of the way. We look forward to personal meetings and discussions!"

Automated Laboratory Revolutionizes Application Development

At ECS, the company will announce an automated laboratory for optimizing formulations with ����AV's binders and crosslinkers for coatings and adhesives. With this, ����AV sets new standards in the productivity of its application development. The new facility can operate 24 hours a day, 7 days a week. The goal is to conduct tens of thousands of tests annually. This sets a new benchmark in terms of quantity, variety, precision, and testing speed. Another advantage: The automated laboratory generates a large amount of structured data. The knowledge about formulation possibilities and influencing factors thus will grow rapidly. The collected data, combined with measurement data from existing trials, is evaluated using special machine learning algorithms to further improve formulations. Application development experts and specialists from segments such as automotive, printing & packaging, or construction & architecture will be present at ECS to discuss new collaborative approaches now made possible by the laboratory.

Digitalized Lifecycle Analyses for Greater Transparency

As a pioneer in the digital transformation of the chemical industry, ����AV announced in January the use of a new cloud-based solution for product-specific lifecycle analyses (LCA). The TÜV Rheinland-certified software solution not only enables significantly faster and more precise calculation of a products' environmental footprint but also identifies concrete approaches to reducing the CO₂ footprint, thus supporting ����AV's customers in their sustainable transformation.

Direct Coating: Solutions for the Automotive Industry

With the innovative Direct Coating technology, ����AV presents a pioneering solution for the automotive industry that fundamentally simplifies the coating process while making it more sustainable. This technology enables direct coating of plastic components in the injection molding machine without pretreatment or separate painting and drying. At ECS, ����AV will display products that were manufactured using this process.

Focus on Sustainability

����AV aims to fully align itself with the circular economy. This includes using alternative raw materials, transitioning to green energy, and developing recycling technologies and recyclable products. To make sustainable products more easily identifiable, the company has introduced the "CQ" label, which stands for "Circular Intelligence." Products labeled this way contain at least 25% alternative raw materials. Several examples used in coatings and adhesives will be exhibited at ECS. For example, food packaging coated with fully recyclable, partially bio-based resins, or water-based polyurethane dispersions for textile printing.

Additional information on ����AV’s presence at the ECS can be found at: or on the .

The annual Make-a-thon, now in its eighth year, challenges students’ ingenuity and problem-solving skills to tackle real safety challenges in ice hockey, from the professional level down to youth hockey. 

“The safety and continued evolution of protective equipment in the sport of hockey is paramount in growing the game and fostering a safe playing environment for players of all ages,” said Penguins president of Business Operations Kevin Acklin. “This year, we’re once again excited to partner with ����AV and Carnegie Mellon University as we work to develop new ideas with some of the brightest minds in Pittsburgh.” 

The winning team impressed judges from ����AV, the Penguins, CMU, and Bauer Hockey with their innovative glove design that was inspired by the physical characteristics of an armadillo. Their solution featured a flexible notch system in the glove’s fingers that reduces max stress incurred in the finger by 20% in preliminary testing. It also incorporated a semi-rigid cuff to protect players’ wrists without impacting mobility, a critical area of focus in hockey players. 

“Hand safety is critical in everything we do – in sport, at work, truly in every area of daily life,” said Samir Hifri, chairman and president of ����AV LLC. “The innovations the students brought to life during the Rethink the Rink Make-a-thon have the potential to impact hand safety both within the sport of hockey and beyond the rink. This partnership unites future innovators, material science experts, and athletes with the common goal of improving safety. We’re honored to be a part of this collaboration." 

The students’ designs will now be considered for development, with Bauer Hockey applying its expertise as a leading hockey glove manufacturer to potentially bring the concept to market. 

“Rethink the Rink is a crash course in innovation,” said Jon Cagan, David and Susan Coulter Department Head of Mechanical Engineering at Carnegie Mellon University. “In just five days students progress from collaborative brainstorming to physical prototyping with guidance from experts at ����AV and the Pittsburgh Penguins. It’s a unique, hands-on learning opportunity that builds skills our students will use to break barriers for years to come.” 

The Rethink the Rink initiative, launched in 2018, has already led to significant improvements in hockey rink design and player equipment. Previous years have focused on safer dasher boards, helmets, and other protective gear. 

For more information about the Rethink the Rink Make-a-thon and ����AV's commitment to innovation in sports safety, please visit covestro.us. 

"The new production facilities are equipped with state-of-the technology to enable an efficient production and thereby reduce our CO₂ emissions," says Thorsten Dreier, Chief Technology Officer of ����AV. “With the expanded capacity, we can meet our customers' growing demand for innovative specialty films, especially in medical technology, in the region Asia-Pacific and strengthen our Solutions & Specialties segment."

����AV has been operating a production facility for Specialty Films in Thailand since 2007. The range comprises polycarbonate films from the Makrofol^® range and Bayfol^® products made from polycarbonate blends. These high-performance specialty films are used in many applications across multiple industries, such as healthcare, mobility and Identification Documents.

“The new production facilities are important to us because it enables faster time to market and at the same time expands our market access in Asia-Pacific.” says Aukje Doornbos, Global Head of the Specialty Films business entity. “With market-focused innovations and a stronger customer orientation we want to drive growth for ����AV.”

Since 2022, the Map Ta Phut site is ISCC PLUS certified, enabling it to manufacture and supply mass-balanced products. With the mass balance approach, bio-based or recycled raw materials are fed in at an early stage of raw material extraction and mathematically allocated to the finished products. This saves fossil raw materials and reduces CO₂ emissions, while the quality of the mass-balanced products remains identical to that of purely fossil-based products. With this drop-in solution, manufacturers can continue to use their proven formulations, equipment, and processes.

ISCC is an internationally recognized sustainability certification for biomass and bioenergy. The standard covers all stages of the value chain and is used worldwide. Customers can use these products in their established processes and apply them to meet their sustainability goals. In addition, ����AV already offers a range of films made partly with plant-based raw materials or partly from recycled plastics.

����AV, a leading manufacturer of high-quality polymers, recently made significant progress towards its scope 1 climate neutrality goal for its Baytown, TX site. A newly commissioned project, known as NAUCI (Nitric Acid Unit Climate Initiative), reduces greenhouse gas emissions from the site’s Nitric Acid Unit by up to 99%, which accounts for a 60% reduction in the site’s overall scope 1 emissions.

“����AV is committed to our ambitious goals to be operationally climate neutral by 2035,” said Thorsten Dreier, CTO of ����AV. “This project is particularly inspiring, not only due to the significant impact on our scope 1 emissions, but because it was implemented solely for the environmental benefits and in support of our sustainable future strategy.”

Nitric acid is an important raw material for the production of MDI (methylene diphenyl diisocyanate) and TDI (toluene diisocyanate), which are key components of polyurethane and can be found in applications from mattresses and furniture to energy-efficient insulation and automobile seats, among others.

The production of nitric acid has historically been a significant source of greenhouse gases and a focus of ����AV’s decarbonization efforts for more than a decade. The recently commissioned NAUCI project alone reduces annual CO2e by roughly 195KT, and when combined with previous nitric acid unit abatement projects, cumulatively represents an annual CO2e reduction of nearly 900KT.

“It’s projects such as NAUCI that help us achieve our scope 1 targets, and I am confident that our continued efforts will drive even greater success as we work towards achieving climate neutrality by 2035,” said Victor Ortega, Baytown site manager and senior vice president of Performance Materials and Operations North America. “I look forward to seeing the lasting positive impact this project has both within the site and in the Baytown community for years to come.”

The ����AV site in Baytown, TX aims to be scope 1 and scope 2 climate neutral by 2035.

“We steadfastly adhered to our strategy in 2024 and forged full speed ahead with our transformation – despite the challenges the entire chemical industry once again faced,” says Dr. Markus Steilemann, CEO of ����AV. “In particular, the improvement in our plant availability enabled us to significantly increase our volumes sold. We are continuing resolutely along this path creating the basis for long-term growth with targeted investments in our competitiveness and sustainable future technologies.” 

Investments in production, the circular economy, and efficiency 

A key component of ����AV’s transformation is to strengthen production capacities. In 2024, the company optimized existing plans in Baytown (United States), Shanghai (China) and Tarragona (Spain), among others. Further investments to increase energy efficiency and thus competitiveness in production were also made at the TDI plant in Dormagen (Germany). ����AV also recently announced to expand its site in Hebron, Ohio (USA) with a low triple-digit million euro investment. The company aims to increase the production capacities of differentiated polycarbonates in the Solutions & Specialties segment. Construction is scheduled to begin in 2025, with operations starting by the end of 2026. 

Alongside that, ����AV is continuing to transition to a circular economy in a targeted manner. In 2024, the company secured access to renewable energy from a solar farm in Spain under a long-term power purchase agreement (PPA) with bp. This will increase the share of renewables in ����AV’s electricity consumption in Spain from 10% to 30% and reduce CO₂ emissions by around 16,000 metric tons per year. Moreover, ����AV is investing EUR 100 million worldwide in innovation centers for research and development. Besides these targeted growth initiatives, ����AV is also committed to systematically optimizing internal processes. As part of its “STRONG” transformation program, ����AV thus aims to save EUR 400 million worldwide each year by 2028 by means of digitalization and structural adjustments. 

“We cannot influence external market conditions – but we can control how we respond to them,” says Christian Baier, CFO of ����AV. “That is why we used 2024 to make our processes more efficient and to enhance our resilience.” Digitalization and artificial intelligence play a key role in that. We will continue to optimize our structures in 2025 to make ����AV fit for the future.” 

Due to the negative net income and in accordance with ����AV’s dividend policy, no dividend will be distributed for fiscal year 2024, as was also the case in the previous year. 

Takeover offer of the ADNOC Group successful 

Following concrete negotiations, ����AV signed an Investment Agreement on October 1, 2024, with companies of the ADNOC Group, including ADNOC International Germany Holding AG (“Bidder”), a wholly-owned indirect subsidiary of XRG P.J.S.C. (formerly ADNOC International Limited, together with the Bidder and other companies of the ADNOC Group “XRG”). On October 25, 2024, the bidder made a voluntary public takeover offer (“takeover offer”) of EUR 62 per ����AV share to all shareholders of ����AV. Following the end of the additional acceptance period on December 16, 2024, XRG announced on December 19, 2024, that the takeover offer had been accepted for a total of 154,541,806 ����AV shares. Together with the shares previously acquired by XRG, this corresponds to a stake of 91.3% of ����AV’s existing capital stock as of the above-mentioned reporting date. As a result of further subsequent purchases of ����AV shares, XRG’s stake in ����AV’s capital stock at the end of 2024 is 91.58%. 

XRG sees ����AV as a key component in its performance materials and special chemicals business and shares its strategic vision of becoming fully circular. The takeover is an important step in XRG’s strategy of becoming one of the world’s top five chemical companies. 

The takeover offer is subject to the usual conditions of completion with regard to antitrust and foreign trade clearance and clearance under EU law on foreign subsidies. Completion of the transaction is not expected before the second half of 2025. 

Outlook for 2025: EBITDA between EUR 1.0 billion and EUR 1.6 billion anticipated 

����AV expects economic conditions to remain challenging in 2025, too. Against this backdrop, the Group anticipates EBITDA of between EUR 1.0 billion and EUR 1.6 billion for the current fiscal year. ����AV expects FOCF of between EUR 0 and EUR 300 million and ROCE above WACC of between –6 percentage points and –2 percentage points. The Group anticipates that Scope 1 and Scope 2 greenhouse gas (GHG) emissions, measured in terms of CO₂ equivalents, at ����AV’s environmentally relevant* sites will be between 4.2 million metric tons and 4.8 million metric tons. The Group expects EBITDA for the first quarter of 2025 of between EUR 50 million and EUR 150 million. 
 

Increase in sales at Performance Materials; Solutions & Specialties impacted by declining prices 

Sales in the Performance Materials segment rose to EUR 7.0 billion (previous year: EUR 6.9 billion). While a successful pickup in volumes of 12% drove up sales, a weak market situation with excess supply weighed on selling prices and margins. EBITDA fell by 1.2% to EUR 569 million (previous year: EUR 576 million), while FOCF decreased to EUR 78 million (previous year: EUR 162 million). 

The Solutions & Specialties segment posted a 3.6% fall in sales to EUR 7.0 billion (previous year: EUR 7.3 billion) due to lower average selling prices coupled with lower raw material prices. EBITDA fell by 9.4% to EUR 740 million (previous year: EUR 817 million). In addition to a drop in margins, the reason for this was that, unlike in the previous year, there was no non-recurring positive effect resulting from the sale of the additive manufacturing business in 2023. In addition, expenses due to implementation of the STRONG transformation program reduced earnings. The segment’s FOCF decreased by 24.3% to EUR 417 million (previous year: EUR 551 million). 

Fourth quarter of 2024 with positive EBITDA and cash flow

����AV’s sales rose in the fourth quarter of 2024 by 0.9% year over year to around EUR 3.4 billion (previous year: EUR 3.3 billion). EBITDA increased by 44.7% compared to the prior-year quarter to EUR 191 million (previous year: EUR 132 million). FOCF amounted to EUR 253 million and was therefore 246.6% higher than in the prior-year period (previous year: EUR 73 million). 

• Find the recording of ����AV's Annual Press Conference 2025 .
• Find the presentation of the ����AV Annual Press Conference 2025. 

Images and key financial figures

Annual Report 2024

The results of our fiscal year 2024, stories behind the numbers and further information about ����AV can be found .

����AV at a Glance

Are you looking for more information? Here you could find further facts about ����AV.

In response to the growing demand for sustainable solutions in currency printing, ����AV is introducing Autentium^®, an innovative polymeric printing substrate. Designed exclusively for currency printing applications like banknotes, Autentium^® combines cutting-edge anti-counterfeiting technology with a recyclable mono-material design.

"The launch of Autentium^® represents a significant breakthrough in currency printing, offering an innovative, recyclable polymeric substrate that excels in printability, durability and is more sustainable," says Daniel Hentschel, Global Segment Manager for ID & Security Printing at ����AV.

Key Features of Autentium^® include:

• Exceptional printability: It supports secure printing techniques such as intaglio and offset, enabling embossed structures and therefore tactile security features that differ from traditional paper and existing polymer substrates.
• No coatings or primers needed: Its secondary properties as a hot-melt adhesive contribute to superior ink adhesion without requiring additional primers or coatings, streamlining the printing process and improving durability.
• Water & Stain Resistance: The polymer absorbs only minimal moisture, which contributes to a low static charge, while at the same time being resistant to contamination.
• Advanced laser engraveability: It allows precise micro-engravings, providing advanced anti-counterfeiting measures and enhancing currency security.
   

As a single-polymer solution, Autentium^® is recyclable, addressing the demand for sustainable materials in banknote production. Its high tear propagation resistance and excellent ink adhesion contribute to extend the lifespan of printed currency and can help reducing the environmental impact and conserving resources.

Furthermore, its durable composition can translate into long-term costs savings by minimizing replacements, making it an ideal choice for governments and the public sector that prioritize security and environmental responsibility.

Meet ����AV at Intergraf Currency + Identity 2025 

����AV will showcase Autentium^® and other advanced polymeric solutions at the Intergraf Currency + Identity 2025 trade show. Join us from March 5-7, 2025, at the Allianz MiCo, Milano, Italy. Visit us at booth 16 to discover how Autentium^® can redefine your security printing requirements and drive innovation in currency production.

The ����AV U.S. sites Channelview, Texas, South Deerfield, Massachusetts, New Martinsville, West Virginia and Pittsburgh, Pennsylvania, have achieved net-zero Scope 2 emissions for electricity. The sites in South Deerfield, New Martinsville, and Pittsburgh have now even achieved complete net-zero Scope 2 emissions. The remaining certificates have been applied to ����AV's Baytown, Texas facility.

"Even in a persistently challenging market environment, we are working towards our goal of climate-neutral production by 2035 and are consistently implementing our strategy of fully aligning ourselves with the circular economy," said Thorsten Dreier, CTO of ����AV. "By leveraging renewable energy, we're not just reducing our carbon footprint – we're actively shaping a brighter future for our industry."

The agreement with Ørsted, which provides ����AV with 90 MW of renewable energy capacity, will reduce approximately 90,000 tons of CO₂ emissions annually. This represents a significant step towards ����AV's goal of climate neutral production by 2035.

"Our partnership with Ørsted is a prime example of how collaboration and innovation can drive meaningful change in our industry," says Samir Hifri, chairman and president of ����AV LLC. "We're proud to be at the forefront of sustainable practices in the chemical sector and look forward to continuing to execute our strategy to grow sustainably in the U.S."

This announcement follows ����AV's recent low triple digit million Euro investments across multiple U.S. sites, further solidifying the company's commitment to growth and sustainability in the North American market.

Wound care has evolved beyond traditional dressings and bandages, driven by the advanced treatments for complex conditions such as diabetic foot ulcers, venous leg ulcers, burn scars, and surgical or traumatic wounds. Developing effective wound care products requires overcoming key challenges including moisture management, patient comfort, infection control and ensuring treatment adherence, etc.

����AV, a global leader in high-tech polymer materials, leveraging its expertise in polyurethane technologies, has developed Platilon^® and Dureflex^® (thermoplastic polyurethane) films for breathable wound dressings that offer superior moisture management and patient comfort. Additionally, the integration of Platilon^® and Dureflex^® TPU films in wearable technologies represents a notable advancement in wound monitoring and management. Attendees of , February 4-6 in Anaheim, Calif., can see these solutions and applications first-hand at booth #2439.

Booth highlights include: 

• Platilon^® TPU multi-layer blown film technology offers highly customizable coloration, surface texture, breathability, liner types and chemical properties to enable microbial and water barrier performance. 
• meet today's high demands in terms of process efficiency and ease of end use.

More specifically, Platilon^® and Dureflex^® TPU films address the following benefits: 

• Moisture management: high breathability helps excess moisture escape, promoting faster healing. 
• Patient comfort: the extra matte, skin-like surface enhances softness and tactile sensation.
• Infection control: waterproof barrier resistant to viral and bacterial penetration, ensuring effective protection against contaminants.
• Adhesives compatibility: compatible with various adhesives, including acrylic, silicone, and hydrocolloid coatings, etc.
• Cost effectiveness: prolongation of advanced wound dressing wear time.

����AV transcends the role of a mere materials supplier. By leveraging its healthcare and materials expertise, the company partners with medical product manufacturers to design and develop solutions that address market needs and, most importantly, benefit patients.

MD&M West attendees can stop by the ����AV booth (#2439) to explore how the company’s materials are transforming healthcare applications.

Printed electronics are transforming healthcare innovation by allowing circuits to be printed on a variety of surfaces. Advances in materials technologies have made it possible to switch from traditional rigid and non-stretchable substrates to stretchable and flexible printed electronics for medical wearables, creating new opportunities in this market segment. 

Companies that design and produce medical wearables rely on ����AV and its broad portfolio of stretchable thermoplastic polyurethane (TPU) films for innovative printed electronics applications. ����AV will highlight its range of stretchable TPU film solutions for printed electronics at booth #2439 at , February 4-6 in Anaheim, Calif. 

Attendees will be able to see advanced applications and demonstrators that provide a better understanding of the advantages these films offer, including: 

• Durable compression and flexing: Platilon^® TPU film is ideal for applications, such as athletic footwear, that demand repeated compression, flexing and resistance to creasing without compromising functionality. The film provides a reliable substrate for printed circuits, translating into exceptional stability, reliability and long-lasting performance in these applications. 
• Reliable component attachment: The durable mechanical properties of Platilon^® TPU film help maintain secure and reliable connections for inks, bonding materials and electronic components used in applications such as pulse oximeters and other biometric sensors. 
• Superior stretchability and conformability: Soft, stretchable and conformable, skin-friendly Platilon^® flexible TPU films enhance overall comfort and usability. Their flexibility, durability and biocompatibility make them suitable for on-body applications with integrated electronic components and printed sensors, paving the way for smarter, more efficient wearable devices, such as smart patches used for real-time blood glucose monitoring, heart monitoring and early detection of ostomy bag leaks. 

MD&M West attendees can stop by the ����AV booth (#2439) to explore how the company’s materials are transforming healthcare applications and see the company’s demonstrators built in collaboration with its partners: ACI,Sensitronics, Sunray Scientific and Tapecon.

Sucheta Govil, Chief Commercial Officer of ����AV, celebrated the anniversary at the birthplace of Vulkollan^® in the Leverkusen production site: "Vulkollan^® exemplifies ����AV's commitment to innovation in our solutions and specialty segment. As the inventor of polyurethanes, we continue to develop cutting-edge solutions that drive value for our customers. We are also guiding Vulkollan^® and its outstanding performance on a journey towards circularity, ensuring it not only meets industry demands but also becomes an integral part of a more sustainable future."

Made for the sustainable future

Generations of passionate chemists and engineers have driven this success and remain committed to taking Vulkollan^® to new heights. The dedication to innovation is matched by continuous investments in global production assets for Vulkollan^® raw materials. Recent examples include expansions in Map Ta Phut, Thailand, and Barcelona, Spain.

In 2024, ����AV took a significant step towards sustainability by announcing an investment in a pilot-plant for the chemical recycling of end-of-life Vulkollan^® parts located in Leverkusen. This initiative opens the door to a more sustainable future, reinforcing the company’s commitment to environmental responsibility while maintaining the material's exceptional performance.

Enabler of extreme performance in logistics and production

Over the years, ����AV has continuously expanded Vulkollan^®'s applications to meet evolving customer needs. Today, this versatile material excels in a wide range of critical uses like heavy-duty wheels and rollers for material handling equipment including automated guided vehicles (AGVs), advanced technical components for industrial machinery, shock-absorbing bumper elements and automotive noise and vibration control systems.

The widespread adoption of Vulkollan^® in these demanding applications stands as a testament to its superior properties. Even under extreme stress, Vulkollan^® consistently delivers optimal performance, enabling our customers to push the boundaries of what's possible in their respective fields.

Customer Partnerships: The Foundation of Success

"At ����AV, global supply security of quality raw materials for Vulkollan^® has top priority to allow our customers to grow with the Vulkollan^® technology," says Thomas Braig, Head of the Business Entity Elastomers at ����AV. "This goes hand in hand with developing the performance further and innovating jointly with our customers worldwide."

Customer cooperation is as integral to Vulkollan^®'s history as its exceptional performance. Strong and lasting partnerships have shaped Vulkollan^® into what it is today. Many of the customers celebrate 40, 50, or even more years of collaboration with ����AV through licensed cooperation, a testament to the trust and success ����AV and them have built together. Vulkollan^® has become the industry standard not just through innovation, but also through these deep-rooted relationships.

History of performance and versatility

The story of Vulkollan^® began in February 1950, with the publication of a groundbreaking article in a German leading chemical magazine “Angewandte Chemie”. Co-authored by Otto Bayer, the inventor of polyurethanes, this publication marked the birth of a material that would redefine performance in demanding applications across various industries.

Vulkollan^® quickly established itself as the premier material for industries demanding exceptional durability and performance, thanks to its outstanding properties such as high tensile strength, excellent tear resistance, low abrasion, and exceptional dynamic load-bearing capacity.

Innovation has always been at the heart of Vulkollan^®'s success. A major breakthrough came with the introduction of Vulkollan^® prepolymers, representing a significant process advancement for the customers. This innovation simplified the molding of Vulkollan^® parts, enhancing efficiency and reducing investment requirements for the partners working with this unique material.

The jubilee of Vulkollan^® is celebrated in all productions sites around the globe and can be followed on social media.

The third generation MoMe ARC^® system, which received U.S. Food and Drug Administration (FDA) clearance, features a unique modular design allowing near real-time patient monitoring to detect cardiac arrhythmias. According to InfoBionic.Ai, it is the first and only continuous 6-lead, FDA-cleared remote cardiac monitoring system that leverages an AI-enabled remote patient monitoring platform to deliver on-demand, actionable monitoring data and advanced analytics directly to physicians. The system is versatile, allowing configuration from hospital to home use, helping to facilitate a smooth transition for patients. 

“Our MoMe ARC^® system is based on a wireless modular sensor platform that can be configured to suit each patient’s required acuity level—from high acuity diagnostics to simple on-the-go monitoring—for more efficient and comfortable care delivery,” said Dave MacCutcheon, Chief Operating Officer, InfoBionic.Ai. “The expandable system features a sensor pod that can be installed in either a 6-lead cable set or a disposable single-lead patch.*” 

InfoBionic.Ai developed the next-generation device in collaboration with product development partners. led the industrial design, user experience (UX) / user interface (UI), and mechanical engineering, working with a multidisciplinary team to implement the modular system. 

Makrolon^® 2458 from ����AV played a crucial role in the previous generation of the MoMe ARC^® system. Its continued use helped to maintain brand consistency while demonstrating its proven material performance. 

“Long-term and open collaboration enabled us to develop the right product design for MoMe ARC^®, meeting business goals, ensuring technical feasibility, and delivering a great user experience,” said Julian Groeli, Founder and CEO, Pivotal Design, Inc. “����AV’s manufacturing and regulatory expertise helped us in selecting the material with the right balance of aesthetic and functional properties for this application, from color and finish to durability and biocompatibility.” 

����AV’s custom-colored materials, available in white and transparent options, ensured consistency across manufacturers. The white color provided opacity in thick sections and translucency in thin areas, allowing status lights to shine through while maintaining a seamless, cleanable exterior. The clarity and high gloss of the transparent color highlighted user interaction points and enhanced the medical product’s perceived value. 

“The durability, impact resistance and ISO 10993-1 biocompatibility rating of Makrolon^® 2458 were essential for supporting a reusable medical device,” said Emily Shaffer, Healthcare Market Manager, Americas – Engineering Plastics, ����AV LLC. “It also offered compatibility with various secondary manufacturing processes, such as insert molding, overmolding and laser marking, making it an ideal choice for this application.” 

Compatibility with both laser marking and overmolding enabled a lower profile form factor, critical for wearable devices, by eliminating labels and integrating sealing and strain relief features. 

At MD&M West, February 4-6 in Anaheim, Calif., attendees can visit the ����AV booth (#2439) to learn how the company's materials push boundaries in healthcare applications. 

_{*InfoBionic.Ai MoMe ARC^® 1-Lead Patch is not FDA-approved and not for sale in the U.S.} 

Motivated by consumer demand and corporate responsibility, the healthcare industry continues to explore ways to lower the environmental impact of medical devices. ����AV, a leading polymer company, is at the forefront of innovation, significantly expanding its low-carbon footprint medical product portfolio with a comprehensive range of polycarbonate and polycarbonate blends. 

����AV previously announced the availability of its medical-grade Makrolon^® RE polycarbonate. Now, the company is expanding its low-carbon footprint portfolio for this industry with the addition of Bayblend^® RE, Makroblend^® RE and Apec^® RE polycarbonates. These materials feature a low-carbon footprint, achieved using raw materials derived from mass-balanced bio-waste and residues and renewable electricity when feasible, and are available globally.

These offerings complement an existing CQ portfolio of more sustainable polycarbonates, including the partially mechanically recycled Makrolon^® R products made from post-consumer or post-industrial recycled materials. These versatile polycarbonates provide two outcomes: they serve a wide range of healthcare applications and they come with reduced environmental impact. 

“From using renewable feedstock to championing circular design principles and advanced recycling technologies, ����AV is committed to supporting the healthcare sector with diverse solutions that promote a circular economy,” said Emily Shaffer, Healthcare Market Manager, Americas – Engineering Plastics, ����AV LLC. “Working alongside our healthcare customers, we are moving the industry toward a climate-neutral future without sacrificing patient care and safety.” 

Makrolon^® polycarbonate can be collected from end-of-life devices and recycled into high-quality regrind material, which can then be incorporated into new products. It retains its mechanical properties over several recycling loops, enabling both closed- and open-loop recycling. This approach ensures that plastics from end-of-life medical devices can be collected, recycled, and used again, even across different industries such as electronics and mobility. 

These materials will be incorporated into a display in ����AV’s booth (#2439) at , February 4-6 in Anaheim, Calif., highlighting a concept drug delivery device that features a mono-material design to simplify recycling by eliminating the need to sort different types of plastics. The display will show how regrind polycarbonate can be incorporated into new devices for the electronics industry. 

As part of its commitment to reducing environmental impact, ����AV has completed major circularity milestones at three U.S. manufacturing sites. It has achieved ISCC PLUS certification at its Baytown, Texas; Newark, Ohio; and South Deerfield, Mass.; facilities, significantly expanding access to its CQ product portfolio for circular solutions. This certification underscores the company’s commitment to sustainable practices and the mass balance approach, which allows for the attribution of alternative feedstocks to end products. Additionally, starting in 2025, Scope 2 emissions from some U.S. production sites will be reduced using renewable energy certificates from a virtual power purchase agreement (vPPA) previously executed with Orsted, a clean energy leader in the U.S. market, headquartered in Denmark.