a company "XRG" All regulatory procedures are completed to complete the acquisition "Covestro"
Abu Dhabi, November 21 / WAM / XRG PJSC announced… (“XRG”), the international energy investment arm of ADNOC, today announced that it has obtained all final regulatory approvals to complete the acquisition of Covestro, one of the world’s leading manufacturers of chemicals, high-performance polymers and sustainable materials.
From its headquarters in Leverkusen, Germany, and with a portfolio of more than 10,000 specialized products, Covestro operates 46 production sites and 13 R&D centers around the world. The company provides advanced solutions that support vital sectors such as mobility, construction, electronics, and healthcare, in addition to core industries for the global economy and supporting the transition in the energy sector.
Covestro products are widely used in daily life and modern industry. Light-weight polymers are used to enhance the strength and durability of electric vehicles and wind turbine propellers, high-performance packaging materials are used to protect semiconductors and smartphones, and its specialized coatings are used in the manufacture of eyeglass lenses to make them scratch-resistant and in the manufacture of high-quality passports. The specialized materials developed by Covestro contribute to enhancing the safety of products, extending their operational life and making them more sustainable, including products used in hospitals and homes, all the way to the transportation sector and data centers.
Thanks to the long-term vision of the wise leadership in the UAE, which supports ADNOC’s ambitious plans for international growth, this acquisition contributes to expanding XRG’s global presence in the field of advanced materials, as well as accelerating the implementation of its strategy to build a leading global platform in the field of chemicals.
On this occasion, Dr. Rainer Seeley, Head of the Global Chemicals Platform at XRG, said: “Obtaining these regulatory approvals is an important step that enables us to move forward and focus on building a long-term and stable partnership with Covestro. This acquisition also strengthens XRG’s presence in the chemicals field at the international level, and supports our ambitious plans to become among the top three global investors in this field. We are all confident in the expertise of Covestro’s people, and we look forward to close cooperation.” With the management team to make the most of its potential.”
The deal is expected to be completed in the coming days, and Covestro will continue to operate from its headquarters in Germany, while maintaining the independence of its operational operations under the current management. XRG will work with Covestro’s management team to identify further opportunities to enhance its operational efficiency, resilience and long-term value as the company enters this new phase.
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