Covestro has successfully completed the sale of its 51 percent share in the joint venture Pearl Covestro Polyurethane Systems FZCO in Dubai (United Arab Emirates), effective as of July 26, 2021. The proceeds are in the mid-single-digit million euro range. The shares were sold to former co-shareholder Pearl Industries Overseas Ltd., which will continue to operate the systems house business as Pearl Polyurethane Systems. Covestro remains the key supplier of polyurethane raw materials based on the contract signed.
With the successful closure of this transaction, Covestro has now fully divested its system house business. The divestment is part of the company’s ongoing portfolio optimization. Covestro already sold its North American systems house business in 2017. This was followed in 2019 by the sale of the European systems house business with sites in the Netherlands, Denmark, Spain and Germany, as well as further businesses in Italy.