Perstorp and PTT Global Chemical are planning to form a joint venture to manufacture and commercialise aromatic and aliphatic isocyanates for the polyurethane industry.
Under the agreement, PTT GC will have a 51% take in the joint venture, while Perstorp will hold 49%.
The joint venture also plans to invest in new manufacturing capacities and facilities to strengthen the polyurethane market.
PTT Global Chemical speciality chemicals business unit executive vice-president Vanchai Tadadoltip said that the joint venture will enable PTT GC to further diversify its product portfolio in speciality chemicals.
''Development of a diversified product portfolio is a clear strategy for PTT Global Chemical to become a market leader in the speciality chemicals business,'' Tadadoltip added.
Isocyanates are used as hardeners in coatings and raw materials in elastomers and foam products.
