PTT GC, Perstorp form isocyanates manufacturing joint venture

PTT GC, Perstorp form isocyanates manufacturing joint venture

9:43 PM, 21st November 2011
PTT GC, Perstorp form isocyanates manufacturing joint venture
Martin Lundin, President and CEO, Perstorp.

PERSTORP, SWEDEN: PTT Global Chemical (PTT GC) and Perstorp will form a joint venture for manufacturing and sales of aromatic (TDI) and aliphatic (IPDI, HDI & derivates) isocyanates, serving the polyurethane industry. PTT Global Chemical will retain 51 per cent of the joint venture shares and Perstorp having 49 per cent. The formation of the joint venture is subject to employee consultations in accordance with national legislations.

The planned joint venture includes former Perstorp Business Group “Coating Additives” with its manufacturing sites at Pont-de-Claix in France and Freeport in the US. “We believe in a promising future for polyurethanes. Perstorp’s expertise in manufacturing, sales and marketing of isocyanates, coupled with PTT GC’s position as a major Asian chemical player provide a unique opportunity to establish leading positions in the worldwide polyurethane market,” said Veerasak Kositpaisal, CEO, PTT Global Chemical and Martin Lundin, President and CEO, Perstorp.

 

Veerasak Kositpaisal, CEO, PTT Global Chemical

The joint venture plans to invest in new manufacturing capacities and facilities to capitalize on the worldwide fast growing polyurethane market. Additionally, the JV will invest in cutting-edge R&D as well as improving operations efficiency to strengthen competitiveness and increase market offerings. “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. Development of a diversified product portfolio is a clear strategy for PTTGC to become a market leader in the specialty chemicals business,” said Vanchai Tadadoltip, Executive VP, Specialty Chemicals Business Unit, PTT GC.

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