Swedish Perstorp and Thailand PTT Global Chemical intend to create a joint venture for the worldwide production and sales of TDI and aliphatic isocyanates.
Perstorp said the venture will include its former coating additives business, with its manufacturing sites in Pont-de-Claix / France and Freeport, Texas / USA. The venture also plans to invest in new manufacturing facilities to meet rising demand from the global PU industry.
PTT GC will own a 51% stake in the joint venture and Perstorp will own the remaining 49%. The Thai group said in a regulatory filing that it will invest EUR 114.8m to acquire the 51% stake.
Vanchai Tadadoltip, executive vice president of specialty chemicals at PTT GC, said: “Establishing the jv between Perstorp and PTT GC will provide a key strategic entry point for PTT GC to further diversify its product portfolio in specialty chemicals.” The venture will focus on TDI and the aliphatic isocyanates isophorone diisocyanate (IPDI), hexamethylene diisocyanate (HDI) and derivatives.