Perstorp, Sweden -- Speciality chemicals company Perstorp has completed the formation of its joint venture with Thai chemical producer PTT Global Chemical for the manufacturing and sales of products for the polyurethane industry.
PTT Global Chemical holds 51 percent and Perstorp 49 percent of the new joint venture, named Vencorex Holding.
The agreement between Perstorp and PTT Global Chemical was signed on 31 May. The joint venture is dedicated to the manufacturing and sales of aromatic and aliphatic isocyanates, including TDI (toluene diisocyanate), IPDI (isophorone diisocyanate), HDI (hexamethylene diisocyanate) and derivates.
It includes the former Perstorp business, Coating Additives, with its manufacturing sites at Pont-de-Claix in France and Freeport in the US.
"Vencorex has an exciting future and the strength the two joint venture partners bring to the table will help propel Vencorex to an even better position, ultimately bringing better solutions for our joint customers around the world," said Anon Sirisaengtaksin, PTT Global Chemical's ceo and Martin Lundin, Perstorp's ceo in a joint statement from the companies.