Covestro has signed an agreement with Vencorex Holding SAS, a subsidiary of Thai chemical company PTT Global Chemical Public Company Limited, to acquire two legal entities with stand-alone production sites for hexamethylene diisocyanate (HDI) derivatives in Rayong, Thailand and Freeport, Texas. HDI derivatives are an essential component of polyurethanes coatings, adhesives and sealants.
With this acquisition, Covestro expands its aliphatics production portfolio in the United States and in the Asia-Pacific region. According to the company, the move further advances the implementation of its “Sustainable Future” corporate strategy by continuing its growth in profitable and innovative business areas such as coatings and adhesives.
“The acquisition of these two former Vencorex sites fits perfectly to our portfolio and our strategic goals,” said Christian Baier, CFO 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.”
Both parties have agreed not to disclose the purchase price. The transaction is expected to close by the end of 2025.