Covestro Expands Specialty Isocyanates Footprint
Credit: Covestro
Covestro signed an agreement with Vencorex Holding SAS, a subsidiary of PTT Global Chemical, to acquire two legal entities with stand-alone production sites for hexamethylene diisocyanate (HDI) derivatives in Rayong, Thailand, and Freeport, Texas. The sites were formerly part of Vencorex. The acquisition expands Covestro’s aliphatics production portfolio in the U.S. and Asia-Pacific and supports growth in coatings and adhesives.
“The acquisition of these two former Vencorex sites fits perfectly to our portfolio and our strategic goals,” said Christian Baier, chief financial officer of Covestro. “While we maintain cost discipline to secure our short-term performance, we strengthen our long-term competitiveness through targeted investments like this one.”
“These new capacities in Thailand and the U.S. will augment our existing production capabilities across all major regions,” said Thomas Roemer, head of the business entity, coatings and adhesives, at Covestro. “They will enable us to produce and deliver according to our customers’ demands even better during current market challenges.”
Both parties did not disclose the purchase price. Closing is expected by the end of 2025.
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