21 Nov 2012
Specialty Chemicals company Perstorp and PTT Global Chemical plan to launch a joint venture dedicatedto the manufacturing and sales of aromatic (TDI) and aliphatic (IPDI, HDI & derivates) isocyanates; serving the polyurethane industry.
The planned joint venture includes the former Perstorp Business Group “Coating Additives” with its manufacturing sitesat Pont-de-Claix in France and Freeport in the US. PTT Global Chemical (PTT GC) will retain 51% of the joint venturesshares and Perstorp 49%.
“We believe in a promising future for polyurethanes. Perstorp’s expertise in manufacturing, sales and marketing ofisocyanates, coupled with PTT GC’s position as a major Asian chemical player provide the JV with a unique opportunityto establish leading positions in the worldwide polyurethane market,” say Veerasak Kositpaisal PTT Global Chemical CEOand Martin Lundin, Perstorp President and CEO.
The joint venture plans to invest in new manufacturing capacities and facilities to capitalize on the worldwide fastgrowing polyurethane market. In addition, the JV plans to invest further in cutting-edge R&D as well as improvingoperations efficiency to strengthen competitiveness and increase market offerings.
Mr. Vanchai Tadadoltip PTT Global Chemical Executive Vice President of Specialty Chemicals Business Unit alsoelaborates on the partnership with Perstorp:
“Establishing the JV between Perstorp and PTT GC will provide a key strategic entry point for PTT GC to further diversifyits product portfolio in specialty chemicals. Development of a diversified product portfolio is a clear strategy for PTTGC tobecome a market leader in the specialty chemicals business”.
Isocyanates are used as hardeners in coatings and raw materials in elastomers and foam products. TDI are keymaterials for foam, which is used for making mattresses, bedding, seating and packaging. HDI & derivates find majormarket applications in automotive (OEM & refinish), industrial maintenance, plastic & wood coatings, transportation,aerospace, coil & can coatings, leather finishing and adhesives.
The formation of the joint venture is subject to employee consultations in accordance with national legislations.