Isocyanates Joint Venture for Isocynates
Swedish Perstorp and Thai PTT plan a joint venture to serve the growing demand for isocyanates, company speakers say. Isocyanates are used as hardeners in coatings and raw materials in elastomers and foam products.
Bangkok/Thailand; Stockholm/Sweden – Perstorp and PTT Global Chemical join forces on the global polyurethane market: the companies announced plans to start a Joint Venture for aromatic (TDI) and aliphatic (IPDI, HDI & derivates) isocyanates for the polyurethane industry. The planned joint company, including Perstorp's former 'Coating Additives' business with production plants in France and the US, will be owned by PTT (51 percent) and Perstorp (49 percent).
“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 the JV with a unique opportunity to establish leading positions in the worldwide polyurethane market,” say Veerasak Kositpaisal PTT Global Chemical CEO and Martin Lundin, Perstorp President and CEO. Both companies announced plans to invest in new facilities as well as R&D to improve the company's efficiency will increasing its market offerings.
Mr. Vanchai Tadadoltip PTT Global Chemical Executive Vice President of Specialty Chemicals Business Unit comments 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 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”.