PTT Global to acquire Perstorp Holding France SAS

Thailand’s PTT Global Chemical (PTTGC) announced that its board had approved the €114.8 million (US$150 million) acquisition of Perstorp Holding France SAS, representing a 51% stake in the company. In accordance with French law, the acquisition will still be subjected to employee consultations. Perstorp Holding France SAS is a subsidiary of the Swedish-based specialty petrochemical manufacturer, Perstorp Holding AB. Perstorp Holding France is 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 (PU). It has manufacturing units in 11 countries in Asia, Europe and North America. The Thai company foresees the investment to be a strategic move into the high volume specialty downstream business that enhances higher value with sizeable market share, following the company’s strategic directions. PTT Global Chemical Public Company Limited was founded on October 19, 2011, through the amalgamation of PTT Chemical Public Company Limited and PTT Aromatics and Refining Public Company Limited to be the chemical flagship of Thailand’s PTT Group. The integration results in reaching a total olefins and aromatics production capacity of 8.2 million tons per year and petroleum production capacity of 280,000 barrels per day, making it Thailand’s largest and Asia’s leading integrated petrochemical and refining company. (November 23, 2011)