Covestro and Siemens conclude strategic supplier agreement

Published: 31-Jan-2024

The agreement will be active for the next five years and will underpin all future business relationships

Covestro and Siemens have recently concluded a strategic supplier agreement. The agreement is worth a high double-digit million euro amount and enables much faster and easier collaboration.

Until now, Covestro and Siemens have always concluded individual supply agreements for different material groups and services. 

The new structure now provides a general framework and serves as the basis for all future contracts and agreements between the companies.

It covers the full range of Siemens' offering, from the purchase of materials to the supply of complex solutions, for which Siemens will be involved in the early stages of project development at Covestro.

"With this agreement, we are strengthening our trusting partnership and can now work together even more closely and efficiently," says Thorsten Dreier, Chief Technology Officer at Covestro. "This step makes it clear that we will continue to rely on our partnership with Siemens in the future. Siemens has proven to be a reliable supplier in many projects over the many years of cooperation and therefore we want to continue to work together with Siemens in the future to drive the transformation of the chemical industry towards climate-neutral production and a circular economy."

Axel Lorenz, CEO Process Automation at Siemens, says: "We are very pleased to continue our successful path together with Covestro. In recent years, we have greatly expanded our portfolio for the chemical industry. At the same time, the challenges for sustainable production in the industry have grown significantly. The new agreement takes this development into account and offers a very good basis for implementing innovative ideas together even more easily in the future."

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