PERSTORP, Sweden - Specialty chemicals company Perstorp announced the transactional closing and setup of a joint venture with Thailand’s largest chemical producer PTT Global Chemical for the manufacturing and sales of products for the polyurethane industry. PTT Global Chemical holds 51 percent and Perstorp 49 percent of the new joint venture, named VENCOREXTM Holding.

The agreement between Perstorp and PTT Global Chemical was signed on May 31, 2012. The joint venture, dedicated to the manufacturing and sales of aromatic (TDI) and aliphatic (IPDI, HDI & derivates) isocyanates, includes the former Perstorp business group Coating Additives with its manufacturing sites at Pont-de-Claix in France and Freeport, TX. At locations where VENCOREX does not have its own sales staff, Perstorp’s existing sales organization will continue to sell and market VENCOREX products and solutions to its customers, through a joint decision.

The partnership plans to invest in cutting-edge research and development, as well as improving operational efficiency to strengthen competitiveness and increase its market offering in Asia.