As part of its ongoing, Group-wide portfolio optimization efforts, in the future Covestro will increasingly focus the Engineering Plastics business entity on its core business. As a result, the Maezio product line with highly specialized fiber-reinforced composites and the associated production at the Markt Bibart site are to be discontinued in the course of the current year. “With its Group-wide ‘Sustainable Future’ strategy, Covestro is consistently aligning itself with the needs of high-growth customer industries to generate sustainable growth in an increasingly competitive market,” says Lily Wang, Head of Covestro’s Engineering Plastics business entity. “Despite major investments in the development of the Maezio business and in production technology, as well as technological advances achieved as a result, we were ultimately able to leverage only a few synergies with our core business. Therefore, after a thorough review, we have decided that the Maezio product line will be discontinued. This decision was not easy for us,” Wang adds.Covestro started working in the field of continuous fiber-reinforced thermoplastic composites in 2015 with the acquisition of TCG Thermoplast Composite GmbH. Following the strategic decision to discontinue the Maezio product line after almost eight years, Covestro searched intensively for a buyer for the Markt Bibart site. As this attempt was ultimately not successful, Covestro decided to close the site later this year. Most recently, 48 of the approximately 7,600 employees in Germany were employed there.To identify growth opportunities in Continuous Fiber Thermoplastic Market: Trends, Opportunities and Competitive Analysis, please visit https://www.lucintel.com/continuous-fiber-thermoplastic-market.aspx
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