Specialty chemicals company Perstorp announced the transactional closing and set up of the joint venture with Thailand's largest chemical producer PTT Global Chemical for the manufacturing and sales of aromatic (TDI) and aliphatic (IPDI, HDI & derivates) isocyanates for the polyurethane industry. PTT Global Chemical holds 51% and Perstorp 49% of the new joint venture, named Vencorex.

The joint venture includes the former Perstorp Business Group "Coating Additives" with its manufacturing sites at Pont-de-Claix in France and Freeport in the USA. 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, through a joint decision.

"Vencorex with its unique range of products to the polyurethane industry, has an exciting future," say Anon Sirisaengtaksin, PTT Global Chemical's CEO and Martin Lundin, Perstorp's President and CEO.

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.