Covestro has signed an agreement with Vencorex Holding SAS. Covestro is thus acquiring two companies of the subsidiary of the Thai chemical company PTT Global Chemical Public Company Limited. These have independent production sites for HDI (hexamethylene diisocyanate) derivatives in Rayong, Thailand and Freeport, USA. The companies and production sites were previously part of the French aliphatic specialist Vencorex.
Improving the production network
With this acquisition, Covestro is strategically expanding and improving its production network for aliphatic isocyanates in the USA and the Asia-Pacific region, according to the company. It is thus focusing on further growth in business areas such as Coatings & Adhesives and pursuing its "Sustainable Future" corporate strategy, according to the corresponding press release.
Capacities for HDI derivatives expanded
Covestro is a supplier of HDI derivatives. The material is an essential component of polyurethane coatings, adhesives and sealants. It can be found in a wide range of applications, including coatings and adhesives for cars, trucks, bridges, ships, wooden furniture and electronics. The acquisition complements Covestro's existing capacity for this material in the US, Germany, China and India.
Both parties have agreed not to disclose the purchase price. The transaction is expected to be completed by the end of 2025.