Thai PTT Global subsidiary raises stake in France's Vencorex to 85%

01-Sep-14

Thailand's PTT Global Chemical's wholly-owned unit bought an additional 34% stake in French chemical maker Vencorex from Perstorp Holding AB , raising its stake to 85%, as per Reuters. The increase will enhance PTTGC's strategy in the downstream polyurethane business as Thailand's largest petrochemical firm aims to focus on value-added products to serve growing demand in Asia, the Thai company said in statement. Vencorex is an owner of technology and a major producer of isocyanates in Europe, especially in toluene diisocyanate, hexamethylene diisocyanate (HDI) and HDI derivatives, which are major feedstocks in making polyurethane, which is used for making foams and coatings in the automobile and construction sectors.