Covestro signed an agreement with Vencorex Holding SAS, a subsidiary of Thailand’s PTT Global Chemical Public Company Limited, to acquire two stand-alone production sites for HDI (Hexamethylene Diisocyanate) derivatives. The facilities are located in Rayong, Thailand and Freeport, USA, and were formerly part of the French aliphatics specialist Vencorex.
The acquisition strengthens Covestro’s position in the aliphatics segment, expanding its production footprint in both the United States and the Asia-Pacific region. It also advances the company’s “Sustainable Future” strategy, which focuses on profitable, innovative, and sustainable business areas such as Coatings and Adhesives.
Strengthening Strategic Portfolio
Christian Baier, CFO of Covestro, said, “The acquisition of these two former Vencorex sites fits perfectly with our portfolio and our strategic goals. While we maintain cost discipline to secure our short-term performance, we strengthen our long-term competitiveness through targeted investments like this one.”
Building on Core Capabilities
Covestro is a leading supplier of HDI derivatives, which are essential components in polyurethane coatings, adhesives, and sealants. These materials are widely used in automotive, construction, marine, wood, and electronics industries. By adding production sites in Thailand and the US, Covestro complements its existing capacity in Germany, China, India, and the US, creating a more balanced and resilient global supply network.
Enhancing Global Reach
Thomas Roemer, Head of Coatings and Adhesives at Covestro, stated, “These new capacities in Thailand and the US will augment our existing production capabilities across all major regions. They will enable us to produce and deliver according to our customers’ demands even better, especially during current market challenges. After the acquisition of the Resins & Functional Materials (RFM) business from DSM and investments in organic growth, this is yet another sign of confidence in our coatings and adhesives business. I look forward to welcoming our new colleagues into Covestro.”
Transaction Timeline
Both parties have agreed not to disclose the purchase price. The transaction is expected to close by the end of 2025. As per company press release, through the acquisition, Covestro continues to execute its long-term strategy: investing in innovation, strengthening its global presence, and expanding sustainable solutions to support industries worldwide.
