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Polymers producer Covestro joins UN Global Compact
16
Sep '15
Covestro, formerly known as Bayer MaterialScience has joined the UN Global Compact, a voluntary initiative by companies to adopt sustainable and responsible business practices.

The UN Global Compact asks participating countries to adhere to ten guiding principles in areas such as protection of the environment, human rights, labour practices and anti-corruption.

“It is the world's largest corporate responsibility initiative with over 8,000 business and non-business participants in 135 countries,” a press release from Covestro stated.

Covestro has recently adopted its new identity after becoming legally and economically independent from parent company Bayer AG on September 1.

It supplies polymer products to key industries around the world, and is helping to meet the major challenges from climate change and resource depletion, to increasing mobility, urbanisation and population growth.

"The concept of sustainability is the foundation for everything Covestro does, so our own initiatives to help protect people and the planet, are perfectly in line with those of Global Compact", CEO Thomas Patrick said.

"We are committed to making these principles part of the strategy, culture and day-to-day operations of our newly named company," he added

Covestro's chief sustainability officer, Richard Northcote, noted, "The UN Global Compact is a great starting point, but we aim to do much more.”

“As a leader in our field, the onus is on us to set ambitious sustainability targets for 2025 that will benefit both society and the environment and that is exactly what we intend to do," Northcote observed.

With 2014 sales of €11.7 billion, Covestro is among the world's largest polymer companies and mainly serves automotive, electrical and electronics, construction and sports and leisure industries.

The company, which is a Bayer Group company has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014. (AR)

Fibre2Fashion News Desk – India

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