Covestro Acquires Vencorex Sites in Thailand and Texas

Covestro has signed an agreement with Vencorex Holding SAS, a subsidiary of Thai chemical company PTT Global Chemical Public Co. Ltd, to acquire two stand-alone production sites for HDI (hexamethylene diisocyanate) derivates in Rayong, Thailand, and Freeport, Texas. The company reports that with this acquisition, they expand and improve their aliphatics production portfolio in the United States and in the Asia-Pacific region, which allows the company to advance the implementation of its "Sustainable Future" corporate strategy by continuing its growth in profitable and innovative business areas like 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 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," says Thomas Roemer, Head of the Business Entity Coatings and Adhesives at Covestro. “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 organization!”

Source: Covestro