Covestro to Acquire HDI Derivative Production Facilities in Thailand and the United States

Global Expansion of High-Value Coatings and Adhesives Business

Covestro, a global advanced materials company, is set to acquire the hexamethylene diisocyanate (HDI) derivative production facilities in Freeport, United States, and Rayong, Thailand, owned by Vencorex, a subsidiary of Thailand's state-owned petrochemical company PTT Global Chemical (PTTGC). The transaction is expected to be completed by the end of 2025, and the acquisition amount has not been disclosed.

On August 27, Covestro announced that it would acquire Vencorex's HDI plants in Freeport, Texas, United States, and Rayong, in eastern Thailand. Through this acquisition, Covestro aims to expand its aliphatic product manufacturing base in the United States and Asia, and strengthen its coatings and adhesives business, which serves a wide range of industries including automotive, shipbuilding, bridges, electronics, and wooden furniture. HDI derivatives are key raw materials for polyurethane-based coatings, adhesives, and sealants, and Covestro is a major global supplier in this field.

Christian Baier, Chief Financial Officer (CFO) of Covestro, stated, "We are focusing on investments to secure long-term competitiveness while maintaining cost efficiency in the short term." Thomas Roemer, Head of the Coatings and Adhesives Business Unit, explained, "With the addition of new production facilities in Thailand and the United States, our global supply chain will be further strengthened."