MOSCOW (MRC) -- Covestro has extended its contract with CFO Thomas Toepfer by five years to 31 March 2026, said the company.
Toepfer became CFO in June 2017, effective 1 April 2018, when he replaced Frank Lutz, who resigned. The position had briefly been covered by then-outgoing CEO Patrick Thomas.
Toepfer joined the company from manufacturing firm KION Group where he had been CFO and labour director since 2012.
Covestro said the move to extend Toepfer’s contract ahead of schedule is intended to ensure continuity of management during a turbulent economic period.
As MRC informed earlier, Covestro has closed the sale of its European polycarbonates (PC) sheets business to the Munich-based Serafin Group effective January 2, 2020. This includes key management and sales functions throughout Europe as well as production sites in Belgium and Italy.
According to MRC's ScanPlast report, Russia's total estimated consumption of PC granules for the four months of 2020 (excluding imports and exports to Belarus) amounted to 30.5 thousand tons, which is 20% higher than last year (25.3 thousand tons).
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. With 2018 sales of EUR 14.6 billion, Covestro has 30 production sites worldwide and employs approximately 16,800 people (calculated as full-time equivalents) at the end of 2018.
MRC