Covestro expects negative impact of Shanghai lockdown

Plastics manufacturer Covestro expects the Covid shutdown in China to have a significant impact in the current quarter. “It will hit us quite hard in the second quarter,” CFO Thomas Toepfer told Reuters on Tuesday. He said the lockdown will impact Covestro more heavily and for longer than initially expected. The company operates a large production plant in Shanghai. Covestro has been able to maintain production by letting employees operate in a bubble. However, logistics problems and difficulties at other suppliers have intensified to such an extent that revenue drops considerably. rtr