Cognis sells Cognis Oleochemicals stake to PTT Chemical
Speciality chemicals supplier Cognis has sold its 50% stake in the Cognis Oleochemicals joint venture to PTT Chemical International Private Ltd, a Singapore-based subsidiary of PTT Chemical Public Company Ltd, in a €104m deal.
Speciality chemicals supplier Cognis has sold its 50% stake in the Cognis Oleochemicals joint venture to PTT Chemical International Private Ltd, a Singapore-based subsidiary of PTT Chemical Public Company Ltd, in a €104m deal.
Cognis Oleochemicals, a major producer of natural-based oleochemicals with operating production sites in Europe, North America and Asia, was until now a 50/50 joint venture between Cognis and Sime Darby Plantation Sdn Bhd.
Aditheb Bisalbutr, president and ceo, PTT Chemical, said of the deal: “PTT Chemical is delighted to join with Sime Darby in a strategic partnership that builds a solid platform and provides unprecedented opportunities for Cognis Oleochemicals’ long-term growth and stability.”
Cognis and PTT Chemical have established a successful relationship in the past, founding joint venture Thai Ethoxylate Ltd in 2005 and Thai Fatty Alcohols Company Ltd, a joint venture between Cognis and PTT Chemical’s subsidiary Thai Oleochemicals, in 2006.
“The sale of our stake in Cognis Oleochemicals reflects our strategy to consistently concentrate on the innovation-driven growth markets of wellness and sustainability,” said Antonio Trius, ceo of Cognis.
Agreements respecting the transfer of the business were signed today in Kuala Lumpur and the final transaction is expected to be completed by the end of September.