German Chemical Major Covestro Awards L&T Technology Services Multi-Million Dollar ER&D Project
Germany’s Covestro, a world-leading manufacturer of high-tech polymer materials, has chosen L&T Technology Services Limited (NSE: LTTS), as one of its major engineering services partners to implement digitalization based Engineering Programs across Covestro’s global locations. L&T Technology Services, a global leading pureplay ER&D services company, has been awarded a multi-million dollar contract by Covestro to execute these engineering transformational programs.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180322005784/en/
(L to R) Amit Chadha, President Sales & Business Development and Member of the Board, LTTS, Ferry Feldbrugge, Head of Global Projects & Engineering and Global Technical Contracting, Covestro and Stephan Krebber, Program Director, OSI2020 Program, Covestro signing the Master Service Agreement for Digital Transformation and Global Standardization Programs (Photo: Business Wire)
Covestro is running a digitalization program for engineering, operations and maintenance activities: “OSI2020” (Optimized System Integration). Within this program, L&T Technology Services has been selected as the engineering partner to drive digital transformation across Covestro’s 8 global locations, especially in the area of data migration.
Covestro has also embarked upon another strategic initiative to harmonize their Global Engineering Standards & Practices to increase efficiency of Capital Investment Projects. LTTS is the preferred partner to assist Covestro in defining, developing and maintaining these standards in line with global practices. This will include updating & improving engineering standards & specifications backed up with knowledge management & cognitive learning tools.
“L&T Technology Services has a proven track record of delivering innovative solutions, processes, and technologies for enterprises across the globe. We are confident that the potential and experience of LTTS will enable us to incorporate solutions to deliver the implementation of Digital Transformation and Standards Harmonization. Their engineering experience in executing global projects will help Covestro to achieve the best-in-class Standards to execute projects. Our objective is to be prepared by having a comprehensive contract defining the full scope of work, meeting the requirement for different project phases and execution strategies such as FEL3, EPCM, EPC, etc. With these initiatives, we will optimize our project costs, timelines to ensure reliable and safe operations,” commented Ferry Feldbrugge, Head of Global Projects & Engineering and Global Technical Contracting, at Covestro.
“It is our privilege to enter into this engineering partnership with Covestro, the world's leading supplier of high-tech polymer materials, and work with them on solutions that will benefit Covestro’s strategic vision. These programs will drive Covestro’s digital transformation and standardization journey across the globe. We look forward to leveraging our unique technology capabilities and our domain expertise in plant engineering and asset management to assist Covestro in achieving its objectives of Efficient Production and Engineering Excellence,” said Amit Chadha, President Sales & Business Development and Member of the Board, at L&T Technology Services Limited.
About L&T Technology Services Limited
L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 52 Fortune 500 companies and 48 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have around 12,000 employees spread across 15 global delivery centers, 28 global sales offices and 39 innovation labs in India as of December 31, 2017. For additional information about L&T Technology Services log on to www.LntTechservices.com.
With 2017 sales of EUR 14.1 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16,200 people (calculated as full-time equivalents) at the end of 2017. Find more information at www.covestro.com and www.cfrtp.covestro.com.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
LTI USD Revenue Growth up 11.5% YoY; Digital Revenues at 39%18.7.2019 19:08:00 EEST | Press release
Larsen & Toubro Infotech (BSE: 540005, NSE: LTI), a global technology consulting and digital solutions company, announced its Q1 FY20 results today. Q1 FY20 In US Dollars: Revenue at USD 356.5 million; growth of 0.8% QoQ and 11.5% YoY Constant Currency Revenue growth of 1.0% QoQ and 12.9% YoY In Indian Rupees: Revenue at Rs 24,849 million; growth was flat QoQ and 15.3% YoY Net Income at Rs 3,557 million; growth of (6.1%) QoQ and (1.5%) YoY “We delivered 12.9% YoY revenue growth in constant currency driven by Digital Services that now make up 39% of our revenues. We also won a large deal by opening a new client logo in Insurance vertical with net-new TCV of US$44m. We are also pleased to welcome Lymbyc to LTI family. Lymbyc is a specialist AI, machine learning, and advanced analytics company. The acquisition further strengthens LTI’s Mosaic platform and our fast-growing digital and analytics offerings.” - Sanjay Jalona, Chief Executive Officer & Managing Director, LTI Recent Deal Wins A
Moody’s Analytics Wins Wholesale Modelling Software of the Year at Risk Technology Awards18.7.2019 18:30:00 EEST | Press release
Moody’s Analytics, a global provider of financial intelligence, has won Wholesale Modelling Software of the Year in the 2019 Risk Technology Awards. It’s one of six categories won, spanning finance, accounting, regulatory, and credit functions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190718005512/en/ A suite of integrated Moody’s Analytics offerings contributed to this win, including the CreditEdge™ solution, which delivers a leading probability of default model and advanced analytics for managing the daily credit risk of more than 60,000 public firms and sovereigns. Our RiskCalc™ credit scoring platform helps clients assess the credit risk of private firms, commercial banks, project finance projects, and insurance companies. The CMM™ solution combines property performance forecasts with commercial mortgage fundamentals to assess default and recovery risk for commercial real estate properties. The new CAP™ platform ex
Fabasoft is a “Strong Performer” for Cloud Content Platforms, Q3 201918.7.2019 17:39:00 EEST | Press release
Fabasoft, a leading European provider of cloud solutions, was invited by Forrester to be part of the independent evaluation “The Forrester New Wave™: Cloud Content Platforms – Multitenant SaaS, Q3 2019.”* Upon conclusion of the evaluation, Fabasoft was positioned in the “Strong Performers” group. The research and consulting firm Forrester Research Inc. has evaluated 13 top cloud content platforms based on 10 transparent criteria relating to current offering, strategy, and market presence. The report is based on an analysis of data from product presentations, a survey, and customer interviews. “We are proud that with Fabasoft Cloud, we have been positioned in the New Wave as a strong performer by a leading international analyst firm,” says Andreas Dangl, Business Unit Executive Cloud Services at Fabasoft. “We are especially pleased that Fabasoft is the only European cloud provider in this field. This makes it clear to us that Fabasoft Cloud is the best digitalization platform for large-
Gilead to Present New Data on HIV Prevention, Treatment and Cure Research at IAS 201918.7.2019 15:30:00 EEST | Press release
Gilead Sciences, Inc. (NASDAQ: GILD) today announced that new data from the company’s HIV research and development programs will be presented at the 10th International AIDS Society Conference on HIV Science (IAS 2019) being held in Mexico City from July 21-24. Fifteen abstracts, along with community-focused symposia and workshops, reflect Gilead’s ongoing commitment to scientific innovation, a key pillar to addressing unmet and evolving medical needs in HIV. “Gilead’s scientific discovery has helped transform both HIV treatment and prevention and we are committed to advancing the next generation of therapies to improve the care of people and communities impacted by this disease,” said John McHutchison, AO, MD, Chief Scientific Officer, Head of Research & Development, Gilead Sciences. “Our data at this year’s meeting include exciting progress in our HIV prevention, treatment and cure programs, which together are helping to advance the field of HIV toward the ultimate goal of ending the
Quotient Sciences to Recapitalize With Global Private Equity Firm Permira18.7.2019 15:00:00 EEST | Press release
Quotient Sciences and global investment firm Permira today announced that a company backed by the Permira Funds has signed a definitive agreement to acquire a majority stake in Quotient from companies controlled by GHO Capital and other investors for an undisclosed sum. The investment provides substantial new funding to fuel the next stage of Quotient’s growth. Chief Executive Officer Mark Egerton and the management team will continue to lead Quotient. Quotient Sciences has brought innovation to the pharmaceutical services sector through its unique Translational Pharmaceutics® platform, which is proven to accelerate development timelines, reduce development costs, and drive improvement in R&D productivity. The business has experienced substantial growth over recent years and generates annual revenues in excess of £100 million. “We are delighted to partner with Permira to drive Quotient through our continued evolution,” said Mark Egerton, Ph.D., Chief Executive Officer of Quotient Scien
SAMWHA ELECTRIC, a Manufacturer of Electrolytic Capacitor, Strengthens Global Business to Become the Digital Best Company18.7.2019 15:00:00 EEST | Press release
SAMWHA ELECTRIC (KRX:009470), a manufacturer specialized in electrolytic capacitors, is enhancing its global business by focusing on R&D and marketing to meet customers’ needs worldwide. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190718005034/en/ SAMWHA ELECTRIC (KRX:009470), a manufacturer specialized in electrolytic capacitors, is enhancing its global business by developing electrolytic capacitors and Green-Cap (EDLC) which are essential to various industries including information technology, 5G telecommunication, eco-friendly cars, medical devices, LED, robots, IoT, wind power, solar power and ESS. In particular, it launched conductive polymer hybrid electrolytic capacitors for automotive electronics and 5G communication devices as 150℃ products with high reliability are needed in both industries. Products and solutions by SAMWHA ELECTRIC (Graphic: Business Wire) In tandem with increasing needs of high-value eco-frien
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom