Strategic Acquisition Boosts Covestro’s Coatings and Adhesives Capabilities in Asia-Pacific and North America

Strategic Acquisition Boosts Covestro’s Coatings and Adhesives Capabilities in Asia-Pacific and North America

(IN BRIEF) Covestro is acquiring two HDI derivative production sites in Rayong, Thailand, and Freeport, USA, from Vencorex Holding SAS to expand its global aliphatics capabilities. The move strengthens the company’s Solutions & Specialties segment and supports its Sustainable Future strategy, focusing on high-margin, innovative business areas such as Coatings and Adhesives. The additional capacities will improve Covestro’s ability to meet global customer demand, complementing existing production facilities in key regions. The deal, with financial terms undisclosed, is expected to be completed by the end of 2025.

(PRESS RELEASE) LEVERKUSEN, 14-Aug-2025 — /EuropaWire/ — Covestro has announced a strategic acquisition aimed at strengthening its Solutions & Specialties segment and advancing its long-term growth strategy. The German materials manufacturer has signed an agreement with Vencorex Holding SAS, a subsidiary of Thai chemical group PTT Global Chemical Public Company Limited, to acquire two stand-alone production facilities for HDI (hexamethylene diisocyanate) derivatives in Rayong, Thailand, and Freeport, USA. Formerly part of French aliphatics specialist Vencorex, these sites will expand Covestro’s global aliphatics portfolio, particularly in the US and Asia-Pacific markets.

The acquisition supports Covestro’s Sustainable Future corporate strategy by driving growth in profitable, innovation-led business areas such as Coatings and Adhesives. HDI derivatives are key components in polyurethane coatings, adhesives, and sealants used across numerous industries, including automotive, infrastructure, marine, furniture, and electronics. The added capacities from Thailand and the US will complement Covestro’s existing network of production sites in the US, Germany, China, India, and other locations, enabling the company to serve global customer demand more efficiently, especially under challenging market conditions.

“The acquisition of these two former Vencorex sites fits perfectly with our portfolio and strategic goals,” said Christian Baier, Chief Financial Officer of Covestro. “While we maintain cost discipline to safeguard short-term performance, targeted investments like this strengthen our long-term competitiveness.”

Thomas Roemer, Head of Covestro’s Coatings and Adhesives business, emphasized the importance of the deal for the company’s growth trajectory: “These new capacities in Thailand and the US will further enhance our ability to deliver to customers across all major regions. Combined with our previous acquisition of DSM’s Resins & Functional Materials business and recent organic growth investments, this transaction reaffirms our confidence in the future of our coatings and adhesives operations. I look forward to welcoming our new colleagues to the Covestro team.”

The purchase price remains undisclosed, and the transaction is expected to close by the end of 2025, subject to customary closing conditions.

About Covestro: 
Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, telecommunications and health, as well as in the chemical industry itself.

The company is geared completely to the circular economy. In addition, Covestro aims to achieve climate neutrality for its Scope 1 and Scope 2 emissions by 2035, and the Group’s Scope 3 emissions are also set to be climate neutral by 2050. Covestro generated sales of EUR 14.2 billion in fiscal year 2024. At the end of 2024, the company had 46 production sites worldwide and employed approximately 17,500 people (calculated as full-time equivalents).

Forward-Looking Statements 
This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Media contact:

Lars Boelke
Global Head of Media Relations
+49 214 6009 4206
+49 1522 8860494
lars.boelke@covestro.com

SOURCE: Covestro AG