Covestro Beats the Pandemic Woes in July, Acknowledges the Support from Polycarbonate Division
German specialty chemicals giant Covestro in its recently released second-quarter results has reported the key driving factors responsible for supporting the company’s better performance in the post pandemic period. The company’s finance chief highlighted the important support led by the strongly performing Polycarbonate division in maintaining the company’s numbers after being severely hit due to the pandemic in the first quarter. Covestro reported a sharp decline in its sales volumes during April and May when its key customers had to shut down their factories with trade disruptions prevalent throughout the globe. Company’s CFO Thomas Toepfer stated in a recent interview that the decline in Polycarbonate sales in July due to slowdown in the automotive and transport industries was offset by better buying activity from the electrical & electronics, household appliances and construction industries. Polycarbonates are a type of hard polymers that are primarily serving industries involved in manufacturing car interiors, electronic equipment and toys. The outbreak of coronavirus hard hit the company’s financials with its core volumes decreased by 22.7% year-on-year from April to June due to a great slump in demand from its customers which mainly include the automotive industry and electronics manufacturers.