Covestro to acquire Vencorex isocyanate sites in U.S. and Thailand
Covestro, a materials manufacturer based in Leverkusen, Germany, has signed an agreement with Vencorex Holding SAS to acquire two production sites for hexamethylene diisocyanate (HDI) derivatives in Freeport, Texas, and Rayong, Thailand. Vencorex is a subsidiary of Thai chemical company PTT Global Chemical Public Company Limited.
The company said the acquisition will expand its aliphatics production portfolio in the United States and Asia-Pacific. Covestro currently produces HDI derivatives in the U.S., Germany, China and India.
“The acquisition of these two former Vencorex sites fits perfectly to our portfolio and our strategic goals,” said Christian Baier, chief financial officer of Covestro in a press statement. “While we maintain cost discipline to secure our short-term performance, we strengthen our long-term competitiveness through targeted investments like this one.”
“These new capacities in Thailand and the U.S. 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,” added Thomas Roemer, head of the business entity Coatings and Adhesives at Covestro.
The purchase price was not disclosed. The transaction is expected to close by the end of 2025, the company said.
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Amanda Joshi
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Amanda Joshi has more than 18 years of experience in business-to-business publishing for both print and digital content. Before joining Chemical Processing, she worked with Manufacturing.net and Electrical Contracting Products. She’s a versatile, award-winning editor with experience in writing and editing technical content, executing marketing strategy, developing new products, attending industry events and developing customer relationships.
Amanda graduated from Northern Illinois University in 2001 with a B.A. in English and has been an English teacher. She lives in the Chicago suburbs with her husband and daughter, and their mini Aussiedoodle, Riley. In her rare spare time, she enjoys reading, tackling DIY projects, and horseback riding.