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Covestro to Implement Major Cost-Cutting Measures

July 9, 2024

Covestro to implement major cost-cutting. The company has recently stated that it has launched the STRONG program. The program will focus on significant cost-cutting measures to strengthen its market position.

Central to the STRONG program is the ambitious goal of achieving EUR 400 million in global annual savings by the end of 2028. Notably, EUR 190 million of these savings will be realized in Germany.

This program targets reductions in material and personnel costs, while also enhancing production and administrative efficiency.

Initial steps towards achieving these savings have already been taken, showcasing Covestro’s commitment to proactive cost management.

In the midst of these transformation efforts, Covestro is also in detailed acquisition negotiations with the Abu Dhabi National Oil Company (Adnoc).