Perstorp and PTT Global Chemical Sign JV Agreement
GRENOBLE, France - At a ceremony in Grenoble, France, specialty chemicals company Perstorp and PTT Global Chemical signed an agreement forming a joint venture dedicated to the manufacturing and sales of aromatic (TDI) and aliphatic (IPDI, HDI and derivates) isocyanates. The agreement includes the former Perstorp Business Group Coating Additives with its manufacturing sites at Pont-de-Claix, France, and Freeport, TX. PTT Global Chemical (PTTGC) will hold 51 percent of the joint venture and Perstorp 49 percent.
“We believe in a promising future for polyurethanes. Perstorp’s expertise in manufacturing, R&D, sales and marketing of isocyanates, coupled with PTTGC’s position as a major Asian chemical player, gives the joint venture a unique opportunity to establish leading positions in the worldwide polyurethane market,” said Veerasak Kositpaisal, PTT Global Chemical’s CEO, and Martin Lundin, Perstorp’s President and CEO.
The joint venture is planning a major investment to strengthen competitiveness, R&D and increase market offerings. Plans include both expanded capacity at the manufacturing plant in Pont-de-Claix, France, and new capacity in Asia. This includes the investment in a new joint plant for HDI derivatives in Asia. As part of the investment plan, Perstorp has also entered an agreement with the French government regarding the measures to be introduced that meet the French PPRT law (Plan de Prevention des risques Technologique), measures which are also supported by PTTGC.