Perstorp has set up a joint venture with Thailand's largest chemical producer PTT Global Chemical for the manufacturing and sales of products for the polyurethane industry. PTT Global Chemical holds 51 percent and Perstorp 49 percent of the new joint venture, named Vencorex Holding.
The agreement between Perstorp and PTT Global Chemical was signed on May 31, 2012. The joint venture, dedicated to the manufacturing and sales of aromatic (TDI) and aliphatic (IPDI, HDI and derivates) isocyanates, includes the former Perstorp business group Coating Additives with its manufacturing sites at Pont-de-Claix in France and Freeport in the United States. At locations where Vencorex does not have its own sales staff, Perstorp's existing sales organization will continue to sell and market Vencorex products and solutions to its customers.
The partnership emphasizes to invest further in cutting-edge research and development, as well as improving operational efficiency to strengthen competitiveness and increase its market offering in Asia.
Vencorex is the owner of technology and a major manufacturer of isocyanates in Europe, particularly toluene diisocyanate (TDI), hexamethylene diisocyanate (HDI) and its derivatives. Isocyanates are used as hardeners in coatings, and raw materials in elastomers and foam products. TDI are key materials for foam, which is used for making mattresses, bedding, seating and packaging. HDI and its derivates find major market applications in the automotive sector (OEM and refinishing), industrial maintenance, plastic and wood coatings, transportation, aerospace, coil and can coatings, leather finishing and adhesives.