On August 14, 2025, Covestro signed an agreement with PTT Global Chemical to acquire two Vencorex production sites for HDI derivatives, located in Freeport (USA) and Rayong (Thailand). This transaction represents a highly significant milestone, marking a new step forward in the company’s “Sustainable Future” strategy. With this acquisition, Covestro strengthens its production capabilities, ensures a stable supply chain, and reaffirms its commitment to supporting customers worldwide.
GENERAL INTRODUCTION
About Covestro
Covestro is one of the world’s leading producers of polymers, renowned for delivering innovative solutions for the automotive, construction, electronics, coatings, and adhesives sectors. Guided by a sustainability-driven strategy, the company continuously expands its production capacity, ensures reliable supply, and partners closely with global customers.
About Vencorex
Vencorex is a company specializing in aliphatic chemicals and is a subsidiary of PTT Global Chemical (Thailand). It operates two production plants in Freeport (USA) and Rayong (Thailand), both focused on manufacturing HDI derivatives—essential components for polyurethane coatings, adhesives, and sealants. These raw materials are critical for a wide range of industries including automotive, construction, shipbuilding, wood furniture, and electronics.
TRANSACTION DETAILS
On August 14, 2025, Covestro signed an agreement with PTT Global Chemical to acquire Vencorex. Through this transaction, Covestro will take over the two production sites dedicated to HDI derivatives in Freeport (USA) and Rayong (Thailand). This acquisition marks a pivotal milestone in expanding Covestro’s HDI derivatives capacity and strengthening its isocyanate portfolio across North America and the Asia-Pacific region.
The transaction is expected to close by the end of 2025. While the value of the deal has not been disclosed, Covestro has emphasized that this is a strategic move to reinforce its isocyanate supply in both the US and Thailand, while further consolidating its leadership position in the global coatings & adhesives industry.
EXECUTIVE STATEMENTS
Christian Baier, Chief Financial Officer of Covestro, stated that the acquisition of Vencorex aligns perfectly with the company’s long-term strategy. He emphasized that Covestro will maintain strict cost discipline to safeguard short-term efficiency, while the transaction simultaneously expands production capacity for HDI derivatives, enhances competitiveness, and builds a solid foundation for sustainable growth.
Meanwhile, Thomas Roemer, Head of Coatings & Adhesives, highlighted that the new production sites in the US and Thailand will significantly strengthen the company’s global manufacturing network. This expansion will help Covestro secure its isocyanate supply and improve its ability to meet customer needs amid volatile market conditions. He expressed confidence that this acquisition will create a positive impact on business operations and further solidify long-term customer relationships.
IMPLICATIONS FOR MARKET AND CUSTOMERS
Market Perspective
From a market standpoint, the Covestro–Vencorex deal reflects a long-term vision. By adding two production facilities in the US and Thailand, Covestro enhances its output capacity, extends its manufacturing footprint, and reinforces its position in key regions. The acquisition is also a strong testament to Covestro’s “Sustainable Future” agenda, laying the groundwork for market share expansion and sustaining competitive advantages in the years ahead.
Customer Perspective
For customers, this transaction provides robust assurance of stable supply and superior product quality. By expanding its HDI derivatives production capabilities in both the US and Thailand, Covestro significantly improves its ability to address diverse and growing customer demands, while further strengthening confidence in its long-term commitments.
VICHEM – EXCLUSIVE DISTRIBUTOR OF COVESTRO IN VIETNAM
In this context, Vichem is proud to be the exclusive distributor of Covestro products in Vietnam, playing a key role in bringing the value of this acquisition to local customers.
At the same time, Vichem serves as a vital bridge, enabling domestic enterprises to access sustainable solutions aligned with Covestro’s “Sustainable Future” strategy. The combination of Covestro’s global expertise and Vichem’s deep understanding of the local market will further build customer trust while opening new opportunities for sustainable development in Vietnam’s industry.
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