With this acquisition, Covestro strategically expands and enhances its aliphatics production portfolio in the US and Asia-Pacific, reinforcing its presence in profitable and innovative business areas such as Coatings and Adhesives.
Covestro
has signed an agreement with Vencorex Holding SAS, a subsidiary of Thai chemical company PTT Global Chemical Public Company Limited, to acquire two stand-alone production sites for HDI (Hexamethylene Diisocyanate) derivatives in Freeport (USA), and Rayong (Thailand). These entities were formerly part of French aliphatics specialist Vencorex.
“The acquisition of these two former Vencorex sites fits perfectly to our portfolio and our strategic goals. While we maintain cost discipline to secure our short-term performance, we strengthen our long-term competitiveness through targeted investments like this one,” has stated Christian Baier, Chief Financial Officer of Covestro.
Covestro is a supplier of HDI derivatives, a key component in polyurethane coatings, adhesives, and sealants. These products are widely used in applications ranging from automotive and bridge coatings to shipbuilding, and electronics. The new sites will complement Covestro’s existing capacities in the US, Germany, China, and India.
"These new capacities in Thailand and the US will augment our existing comprehensive production capabilities across all major regions. They will enable us to produce and deliver according to our customer’s demands even better, especially during current market challenges. After the acquisition of the Resins & Functional Materials (RFM) business from DSM and investments in organic growth this is yet another sign of confidence the company has in the coatings and adhesives business. I look forward to welcoming the new colleagues into our organisation,” has added Thomas Roemer, Head of the Business Entity Coatings and Adhesives at Covestro.