PTT Global Chemical signed contract to commemorate the collaboration and investment in Isocyanates business with Perstorp Holding AB in France
Mr. Veerasak Kositpaisal, Chief Executive Officer, PTT Global Chemical Public Company Limited (PTTGC) signed contracts to commemorate the collaboration and investment in Isocyanates business with Mr. Martin Lundin - CEO, Perstorp Holding AB on 22 December 2011 at At Sainte Cecile's Cloyster, Grenoble, France. The ceremony was also witnessed and congratulated by Mr. Pichai Naripthaphan, Minister of Energy and Mr. Viraphand Vacharathit, Ambassador of Thailand to France. This collaboration will create opportunities for both partners to penetrate into a growing Isocyanates market in Asia, where there is the highest demand of the products.
Mr. Veerasak Kositpaisal, Chief Executive Officer, PTT Global Chemical PLC said that PTT Global Chemical and Perstorp Holding France have the common vision and commitment. The long experience and in depth technology in the development of Isocyanate and its derivatives, are the basis for both to pursue this collaboration. Together, we will make such products more accessible to consumers in Asia region as well as to expand Perstorp Holding France's production capacity to meet the global demands.
Since November 14, 2011 , the Board of Directors of PTT Global Chemical has approved the resolution to purchase shares in Perstorp Holding France SAS through its subsidiary with an initial investment of 51% ownership, approximates to investment capital of Euro 114.8 million (approximately baht 4,830 million). This investment is part of the Polyurethane (PU) business followed the company's strategic directions for the High Volume Specialty platform to capture higher value chemicals with sizeable markets
Perstorp Holding France is an owner of technology and a major manufacturer of isocyanates in Europe and Asia, particularly in Toluene diisocyanate (TDI), Hexamethylene diisocyanate (HDI) and Derivatives which are major feedstocks in the manufacturing of polyurethane with its main characteristics for the usage of foams and coatings in automobile and construction industry. In this regard, the company foresees that such investment would be a strategic move into the high volume specialty downstream business that enhances higher value with sizeable market following the Company's strategic directions.