MOSCOW (MRC) -- AVEVA, a global leader in engineering and industrial software, announced that Covestro, one of the world’s largest high-tech polymer companies, has signed a multi-million Euro agreement to help digitally transform Covestro’s entire process engineering workflow, as per Hydrocarbonprocessing.
Covestro chose AVEVA’s SimCentral Simulation Platform as a single solution to replace legacy systems across the plant lifecycle to increase efficiency and allow its engineers to focus on innovation and develop new solutions to complex problems.
Process simulation is the virtual modeling of production processes designed to help engineers understand their operations better and enable them to predict performance and optimize processes with a high degree of accuracy.
With AVEVA SimCentral Simulation Platform, Covestro employees will be able to collaborate seamlessly across projects, engineering disciplines and locations with the potential to drive further productivity and efficiency gains. It is the first process simulation platform developed from the ground up to support steady-state, fluid-flow and dynamic modeling. It also integrates with engineering design tools in a single easy-to-use environment that spans the entire plant lifecycle.
"AVEVA’s SimCentral Simulation Platform will help us to fundamentally change the way we use process simulation software from conceptual design to the engineering and operation of our plants. It’s a key part of our journey to digitally transform our production," said Dr. Frank Dobert, Head of Production and Technology, Coatings, Adhesives and Specialties at Covestro. "AVEVA has the right technology, the right people, the right understanding of our industry and business and the right business mindset to be a valuable global strategic partner." Learn how Covestro uses next-generation process simulation to push the boundaries of digital transformation.
Covestro provides its high-quality polymer materials for a wide range of applications ranging from insulation for refrigerators and entire buildings, laptop and cell phone cases to scratch-resistant and fast-drying vehicle coatings and soft foams for furniture and car interiors. By replacing traditional materials with durable, light, environmentally-compatible and cost-effective equivalents, Covestro’s materials and application solutions are being used in nearly every area of modern life.
Amish Sabharwal, Global Head of Engineering Business at AVEVA, added: "A global leader in its field with a commitment to innovation and pushing the boundaries of what’s possible, Covestro’s approach to doing business is closely aligned with our own. Covestro is one of the most dynamic, forward thinking businesses in the industry and recognizes the growing importance of digital solutions in a changing world. Covestro’s engineers realized the potential of SimCentral Simulation Platform early on and after extensive testing we are delighted that Covestro has chosen to partner with us to meet a crucial objective in their digital transformation strategy."
As MRC reported earlier, in May 2018, Bayer Group sold 28.81 million shares representing a 14.2 percent interest in Covestro at a price of 75.50 euros per share. The proceeds of this sale totaled 2.2 billion euros. Bayer AG now holds just 6.8 percent of Covestro shares to repay the exchangeable bond that matures in 2020. Bayer AG acquired these shares from Bayer Pension Trust, which now no longer holds any Covestro shares.
We also remind that on 1 September, 2015, Bayer MaterialScience became known as Covestro. The plans for the carve-out of Bayer MaterialScience were announced in September 2014.
Covestro (formerly Bayer MaterialScience) is an independent subgroup within Bayer. It was created as part of the restructuring of Bayer AG from the former business group Bayer Polymers, with certain of its activities being spun off to Lanxess AG. Covestro manufactures and develops materials such as coatings, adhesives and sealants, polycarbonates (CDs, DVDs), polyurethanes (automotive seating, insulation for refrigerating appliances) etc.
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