LyondellBasell (LYB) and Covestro have jointly decided to close permanently the propylene oxide/styrene monomer (POSM) production facility at the Maasvlakte site in the Rotterdam region. The joint operation, in which LYB and Covestro hold an interest of 50% each, operates under the name “LyondellBasell Covestro Manufacturing Maasvlakte V.O.F.”
The decision, which was taken after a thorough review, is due to continuing pressure on the profitability of the site in Maasvlakte because of global surplus capacities, a sharp rise in imports from Asia, and high production costs in Europe. This situation is expected to continue and production is therefore not expected to be profitable in the longer term. Until the end of the year 2026, LYB will carry out a process for the safe closure of the facility and make preparations for its demolition.
This action marks another step in the global transformation program STRONG, which was launched in the year 2024. Expenses of €86 million were recognized for this action, which affected EBITDA in the first half of 2025; they are attributable to the Performance Materials segment.
On May 1, 2025, Covestro successfully completed the sale of its business activities at the East Providence site, Rhode Island (United States). The production of polyurethane dispersions (PUD) located there was part of the Solutions & Specialties segment. A total purchase price of €8 million had been agreed. The sale marks another action under the global transformation program STRONG.
On June 23, 2025, Covestro signed an agreement for the takeover of Pontacol AG, a Swiss manufacturer of multilayer adhesive films, and other identified assets. With this acquisition, Covestro is selectively expanding its specialty films portfolio, further advancing the implementation of its Sustainable Future corporate strategy. At the same time, the company is systematically driving its growth in sustainable, innovative business areas.
Covestro will take over two specialized production sites focusing on different film technologies in Switzerland and Germany with around 100 employees. In doing so, the company will not only strengthen its global production network, but also improve the regional availability of adhesive films. The acquisition will furthermore unlock further potential for Covestro to add value through supplementary technologies, an expanded customer and product portfolio, as well as synergies in central functions and procurement.
The closing is expected for the third quarter of 2025.
Covestro made Monique Buch a new member of the Board of Management as of June 1, 2025. The Supervisory Board of Covestro unanimously appointed Monique Buch, who will succeed Sucheta Govil as Chief Commercial Officer (CCO) as of August 1, 2025. Sucheta Govil has been the company’s CCO since the year 2019. Her two consecutive terms of office at Covestro will end on July 31, 2025.
As CCO, Monique Buch will be responsible for the Solutions & Specialties segment, heading six business units in this capacity, including the Supply Chain & Logistic centers in the three regions.