Covestro Becomes Majority Stakeholder in DCP Joint Venture
LEVERKUSEN, Germany — Covestro is accelerating the expansion of its thermoplastic polyurethanes business (TPU) by raising its stake in the Joint Venture DIC Covestro Polymer Ltd. (DCP) from 50% to 80%. DCP, established as a 50/50 joint venture in the year 2000, is a leading company in the Japanese TPU industry. The investment is part of Covestro’s expansion of its global TPU business. Closing of the deal is planned for early second quarter 2019, subject to the approval from the relevant authority.
“The strong and long-term partnership of both companies, as well as our thorough understanding of the future growth potential make this acquisition a fitting step in Covestro’s growth strategy focusing on sustainability driven innovation,” said Dr. Markus Steilemann, CEO of Covestro.