Covestro Acquires Two HDI Production Sites

On August 14, Covestro Group announced it had agreed to acquire two independent hexamethylene diisocyanate (HDI) production sites in Freeport, Texas, and Rayong, Thailand. The facilities were previously operated by French specialty chemicals company Vencorex, which entered receivership last September.

Covestro announced it has agreed to acquire the two legal entities that hold the production sites from Vencorex Holding SAS, a subsidiary of PTT Global Chemical Company (PTTGC). The transaction is expected to close by the end of this year, and the specific amount was not disclosed. Covestro stated that the acquisition will expand and optimize its aliphatic chemicals production footprint in the United States and Asia Pacific, driving continued growth in its coatings and adhesives businesses. Covestro is already a major supplier of HDI derivatives, which are widely used in polyurethane coatings, adhesives, and sealants.