Perstorp and PTTGC Agree to Strategy Change for Vencorex
PERSTORP, Sweden - Specialty chemicals company Perstorp (Perstorp Holding AB) has reduced its ownership in Vencorex Holding SAS (Vencorex) to 15%.
“This financial transaction is fully in line with Perstorp’s long-term strategy to focus on its core business activities outside the isocyanates market,” said Jan Secher, Perstorp’s President and CEO.
Perstorp Holding AB and PTT Global Chemical B.V. (PTTGC) entered a joint venture in May 2012 named Vencorex Holding. After this latest financial transaction, Perstorp will retain a 15% ownership of the company and will continue to support Vencorex as the new strategy is implemented. The new arrangement will enable Vencorex to invest in its new strategic plan, which is focused on downstream isocyanates.
PTT Global Chemicals International (Netherlands) B.V. has made a nominal initial payment for the shares, but the majority of the transaction amount will be based on Vencorex Holding’s future performance during 2014 and 2015 and thus paid at a later date.