Malmo, Sweden -- Vencorex's focus will be downstream isocyanates, it was today announced as the JV venture's new structure was confirmed.
Perstorp president and ceo Jan Secher made the statement as he officially reduced his company's share in its joint venture with PTT Chemical Group to 15%.
In July, the European Commission approved PTT Chemical Group's acquisition of 49% of Vencorex, as previously reported at UTECH-polyurethane.com.
Secher said: "This financial transaction is fully in line with Perstorp’s long term strategy to focus on its core business activities outside the isocyanates market."
Perstorp and PTT Global Chemical entered the Vencorex JV in May 2012.
PTT Global Chemicals has made a nominal initial payment for the shares with the transaction's final details dependant on Vencorex's performance this year and next.