Chennai: ‘We demonstrated last year that Covestro can masterfully manage a crisis. But we will not simply be content with this. Not at all. We are actively setting the right course for the future,’ said CEO Markus Steilemann at the group’s annual general meeting this year.
According to Steilemann’s assessment, Covestro has successfully navigated through 2020, a year dominated by the coronavirus pandemic, thanks to the measures the group took early on and also the team spirit among the entire
workforce.
Apart from cost-saving measures and bolstering its liquidity position, the company and employees’ representatives agreed on a special act of solidarity: For the German companies a voluntary cut in wages and salaries was
combined with reduced work hours.
International Covestro locations devised similar, country-specific measures.
In the second half of the year, Covestro
benefited from its consistent crisis management and in December 2020 the group made a bonus payment that equaled the total amount of wages and salaries that each individual had given up.