The company has reported its financial results for the full-year 2022. Despite lower sales volumes as a consequence of the recessionary environment, Covestro’s group sales grew by 13% to €18.0 billion.
The group reported a strong first six months before overall demand began weakening in the third quarter as product availability grew and customers’ destocking activities increased in response to declining raw material costs.
Grace Matthews reports on continued challenges and opportunities ahead in 2023 after low levels of M&A activity in 2022 due to high interest rates, global economic uncertainty, political instability, and other factors.
The digital Report 2022 includes coverage of AkzoNobel’s financial results and business developments, while the company’s progress on its sustainability ambitions is highlighted throughout.
The company says the market environment was dominated by the consequences of the war in Ukraine, and in particular by increased raw material and energy prices.