Covestro, the German materials manufacturer, has signed an agreement with Vencorex Holding SAS, a subsidiary of Thai chemical company PTT Global Chemical Public Company, to acquire two stand-alone production sites for Hexamethylene Diisocyanate (HDI) derivatives in Rayong, Thailand, and Freeport, USA. These entities, previously part of the French aliphatics specialist Vencorex, will enhance Covestro’s global aliphatics production network.

The acquisition supports Covestro’s “Sustainable Future” corporate strategy by driving growth in profitable and innovative segments, particularly coatings and adhesives.

Christian Baier, Chief Financial Officer of Covestro, said, “The acquisition of these two former Vencorex sites fits perfectly to our portfolio and our strategic goals. While we maintain cost discipline to secure our short-term performance, we strengthen our long-term competitiveness through targeted investments like this one.”

HDI derivatives are essential for polyurethane coatings, adhesives, and sealants, with applications spanning cars, trucks, bridges, ships, wood furniture, and electronics. The new sites will complement Covestro’s existing production capacities in the US, Germany, China, and India, enabling more resilient supply for global customers.

Thomas Roemer, Head of the Business Entity Coatings and Adhesives at Covestro, added, “These new capacities in Thailand and the US will augment our existing comprehensive production capabilities across all major regions. They will enable us to produce and deliver according to our customer’s demands even better, especially during current market challenges.”

Both parties have agreed not to disclose the purchase price. The transaction is expected to close by the end of 2025.