21 November 2011
Perstorp and PTT Global Chemical plan to launch a joint venture dedicated to the manufacturing and sales of aromatic (TDI) and aliphatic (IPDI, HDI & derivates) isocyanates; serving the polyurethane industry.
The planned joint venture includes the former Perstorp Business Group “Coating Additives” with its manufacturing sites at Pont-de-Claix in France and Freeport in the US. PTT Global Chemical (PTT GC) will retain 51% of the joint ventures shares and Perstorp 49%.
“We believe in a promising future for polyurethanes. Perstorp’s expertise in manufacturing, sales and marketing of isocyanates, coupled with PTT GC’s position as a major Asian chemical player provide the JV with a unique opportunity to establish leading positions in the worldwide polyurethane market,” say Veerasak Kositpaisal PTT Global Chemical CEO and Martin Lundin, Perstorp President and CEO.
The joint venture plans to invest in new manufacturing capacities and facilities to capitalize on the worldwide fast growing polyurethane market. In addition, the JV plans to invest further in cutting-edge R&D as well as improving operations efficiency to strengthen competitiveness and increase market offerings.
Mr. Vanchai Tadadoltip PTT Global Chemical Executive Vice President of Specialty Chemicals Business Unit also elaborates on the partnership with Perstorp:
“Establishing the JV between Perstorp and PTT GC will provide a key strategic entry point for PTT GC to further diversify its product portfolio in specialty chemicals. Development of a diversified product portfolio is a clear strategy for PTTGC to become a market leader in the specialty chemicals business”.
Isocyanates are used as hardeners in coatings and raw materials in elastomers and foam products. TDI are key materials for foam, which is used for making mattresses, bedding, seating and packaging. HDI & derivates find major market applications in automotive (OEM & refinish), industrial maintenance, plastic & wood coatings, transportation, aerospace, coil & can coatings, leather finishing and adhesives.
The formation of the joint venture is subject to employee consultations in accordance with national legislations.
PTT Global Chemical Public Company Limited is Thailand’s largest chemical producer and chemical flagship of PTT Group The company’s business value chain consists of upstream business with petrochemical capacity of 8.2 million tons per year and petroleum products capacity of 228,000 barrels per day. Downstream business includes polymers, EO-Based Performance, Green Chemicals, and High Volume Specialties. Details are available at www.pttgcgroup.com