“We want to be a catalyst in the fair use of intellectual property, said Mr. Voortmans. “We encourage other companies in the chemical industry to join LOT Network, to make our ecosystem safer."
Phoenix, AZ (PRWEB) November 02, 2017
Leading chemical company Covestro has announced that it has taken proactive measures to protect itself against frivolous litigation from patent assertion entities (PAEs), otherwise known as patent trolls. Namely, the company has become the first in the chemical industry to join LOT Network, a non-profit community of companies whose members include cross-industry leaders such as Tesla, Alibaba, Cisco and JP Morgan Chase. LOT Network members agree if and only if any member’s patent assets fall into the hands of a troll, the company provides a license to all other network members, thereby immunizing them against PAE litigation with those assets.
“With the convergence of the chemical industry and digital technologies, our sector has increased exposure to PAE litigation,” said Gilbert Voortmans, Vice President, Head of Intellectual Property Rights at Covestro. “Innovation is core to our business, and we feel it’s important to take a stance against anything that could interfere with the fair use of intellectual property.”
Covestro has been at the forefront in utilizing digital technologies to develop innovative solutions, in areas that include advanced data analytics for increased efficiency in foam production,as well as smart digital sales platforms.
As a company that believes in innovation, Covestro employs over 1,000 researchers, invests over €260M annually in research and development, and collaborates closely with universities, research institutes, customers and suppliers.
“Covestro has demonstrated not just through R&D, but across business models, policies and processes that it has a comprehensive culture of innovation,” said LOT Network CEO Ken Seddon. “We’re thrilled to welcome Covestro as a member of our community, and a co-traveler in the quest to protect innovation worldwide.”
“We want to be a catalyst in the fair use of intellectual property, said Mr. Voortmans. “We encourage other companies in the chemical industry to join LOT Network, to make our ecosystem safer. Innovation is key success factor in our sector, and as a community we can protect it from exploitation.”
With 2016 sales of EUR 11.9 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 15,600 people (calculated as full-time equivalents) at the end of 2016.
About LOT Network:
LOT Network is a non-profit community of companies committed to protecting its members from costly patent troll litigation. LOT Network currently protects its members from litigation from over 791,000 worldwide patents and counting. Network members include market leaders such as JP Morgan Chase, Ford, Telsa and Amazon, as well as smaller companies across industries. Please visit http://www.lotnet.com to learn more.