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PITTSBURGH — Covestro AG, the Bayer spinout and plastics manufacturer whose North American headquarters is in Pittsburgh, is poised to be acquired by Adnoc International for about $18 billion.
The agreement calls for a $68-a-share price for each share of Covestro along with an investment by Adnoc of about $1.18 billion of the proceeds back into Covestro’s operations and its transition to more sustainability.
Covestro is the 10th-largest manufacturer in the Pittsburgh region with revenue of $5.1 billion, according to Pittsburgh Business Times research. It makes polymers and other high-performance materials. It’s also one of the top 100 employers by size in the region.
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