Polymers company Covestro, formerly Bayer MaterialScience, has joined the UN Global Compact, a voluntary initiative by companies to adopt sustainable and responsible business practices. CEO Patrick Thomas signed the agreement to underline Covestro’s stance of conducting high-level research and development into products which improve people’s lives, while doing everything it can to help safeguard the Earth and conserve its resources.
“The concept of sustainability is the foundation for everything Covestro does, so our own initiatives to help protect people and the planet, are perfectly in line with those of the Global Compact”, Thomas said. “We are commited to making these principles part of the strategy, culture and day-to-day operations of our new company.”
Covestro’s Chief Sustainability Officer, Richard Northcote, added: “The UN Global Compact is a great starting point, but we aim to do much more. As a leader in our field, the onus is on us to set ambitious sustainability targets for 2025 that will benefit both society and the environment. That is exactly what we intend to do.”
Helping to meet global challenges
Covestro has just adopted its new identity after becoming legally and economically independent from parent company Bayer AG on September 1. It supplies polymer products to key industries around the world, and is helping to meet the major challenges of our time, from climate change and resource depletion, to increasing mobility, urbanization, population growth and demographic change.
The UN Global Compact asks participating countries to adhere to ten guiding principles in areas such as protection of the environment, human rights, labour practices and anti-corruption. It is the world’s largest corporate responsibility initiative with over 8,000 business and non-business participants in 135 countries.
With 2014 sales of EUR 11.7 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, electrical and electronics, construction and sports and leisure industries. The Covestro group has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014. Covestro, formerly Bayer MaterialScience, is a Bayer Group company.