Covestro expands isocyanate footprint with US, Thailand Vencorex sites
German materials manufacturer 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 HDI (Hexamethylene Diisocyanate) derivatives in Rayong, Thailand and Freeport, US.
The legal entities and sites were formerly part of the French aliphatics specialist Vencorex. The acquisition strengthens Covestro’s aliphatics production in the US and Asia-Pacific, advancing its ‘Sustainable Future’ strategy through growth in profitable, innovative areas such as Coatings and Adhesives.
Christian Baier, Chief Financial Officer of Covestro said the acquisition of these two former Vencorex sites fits the company’s portfolio and strategic goals.
Covestro, a leading supplier of HDI derivatives used in PU coatings, adhesives, and sealants across industries from automotive to electronics, expands its global capacities through the acquisition, adding to sites in the US, Germany, China, and India.
Covestro said its new capacities in Thailand and the US will strengthen global production capabilities and improve customer delivery amid market challenges. Thomas Roemer, Head of Coatings and Adhesives, noted that following the DSM RFM acquisition and recent growth investments, the expansion reflects the company’s confidence in the business and commitment to integrating new colleagues.
Both parties have agreed not to disclose the purchase price. The transaction is expected to close by the end of 2025.
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