Specialty chemicals company Perstorp today announced the transactional closing and set up of the joint venture with Thailand’s largest chemical producer PTT Global Chemical for the manufacturing and sales of products for the polyurethane industry. PTT Global Chemical holds 51% and Perstorp 49% of the new joint venture, named VENCOREX™ Holding.
The agreement between Perstorp and PTT Global Chemical was signed on May 31, 2012. The joint venture, dedicated to the manufacturing and sales of aromatic (TDI) and aliphatic (IPDI, HDI & derivates) isocyanates, includes the former Perstorp Business Group “Coating Additives” with its manufacturing sites at Pont-de-Claix in France and Freeport in the USA. PTT Global Chemical holds 51% of the joint venture and Perstorp 49%. The joint venture will operate under the name VENCOREX™ Holding. At locations where VENCOREX does not have its own sales staff, Perstorp’s existing sales organization will continue to sell and market VENCOREX products and solutions to its customers, through a joint decision.
”We are very pleased to announce the formation of our joint venture today. VENCOREX with its unique range of products to the polyurethane industry, has an exciting future and the strength the two joint venture partners bring to the table will help propel VENCOREX to an even better position, ultimately bringing better solutions for our joint customers around the world,” say Mr. Anon Sirisaengtaksin, PTT Global Chemical’s CEO and Martin Lundin, Perstorp’s President and CEO.
The partnership emphasizes to invest further in cutting-edge research and development, as well as improving operational efficiency to strengthen competitiveness and increase its market offering in Asia.
VENCOREX is the owner of technology and a major manufacturer of isocyanates in Europe, particularly toluene diisocyanate (TDI), hexamethylene diisocyanate (HDI) and its derivatives. 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 and its derivates find major market applications in the automotive sector (OEM and refinishing), industrial maintenance, plastic and wood coatings, transportation, aerospace, coil and can coatings, leather finishing and adhesives.
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