What happened with Vencorex?
- Vencorex, a French specialist in aliphatic isocyanates and derivatives, had been under financial pressure (energy/market turbulence). Source
- Its French operations (in/near Grenoble) were acquired by Wanhua Chemical Group Co., Ltd. (via its Hungarian subsidiary BorsodChem). The commercial court in Lyon approved this deal on April 10 2025. Source
- The deal reportedly included the core HDI (hexamethylene diisocyanate) derivative business in France. Source
What about Covestro AG?
- Covestro announced later (August 2025) that it had signed an agreement with Vencorex Holding SAS (a subsidiary of Thai company PTT Global Chemical) to acquire two former Vencorex sites (US – Freeport, Texas; and Thailand – Rayong) producing HDI derivatives. Covestro AG
- So Covestro did not buy the main French Vencorex entity; it is acquiring former Vencorex sites in the US and Thailand.
Summary
- The French core of Vencorex was acquired by Wanhua (through BorsodChem).
- Covestro is acquiring some of the former Vencorex sites (US & Thailand) — but not the main French entity.
What happened to the Vencorex patents?
The French government allowed all Vencorex patents to be sold for one symbolic euro.
Relationship Between Wanhua and BorsodChem
Ownership
- Wanhua Chemical Group Co., Ltd. (headquartered in Yantai, China) owns 100% of BorsodChem Zrt., a Hungarian chemical company.
- BorsodChem is a wholly owned subsidiary of Wanhua since 2011, when Wanhua completed the full acquisition.
History
- BorsodChem was originally a Hungarian state-owned company, founded in the 1940s, specializing in isocyanates (MDI, TDI) and PVC.
- Wanhua initially entered as a strategic investor in 2009, then gradually increased its stake.
- By February 2011, Wanhua completed the takeover of BorsodChem from previous private equity owners (Permira & Vienna Capital Partners).
- This deal was one of the largest Chinese acquisitions in Central and Eastern Europe at the time (around €1.2 billion).
Operational Integration
- Today, BorsodChem operates as Wanhua’s European production base, mainly for:
- MDI (methylene diphenyl diisocyanate) and derivatives
- TDI (toluene diisocyanate)
- PVC and caustic soda
- It serves both European and Middle Eastern markets.
- Many of Wanhua’s European R&D and logistics activities are also coordinated through BorsodChem.
Strategic Role in the Vencorex Deal
- In 2025, BorsodChem acted as Wanhua’s vehicle to acquire the French operations of Vencorex (mainly aliphatic isocyanates).
- This fits Wanhua’s long-term plan to expand beyond aromatic isocyanates (MDI, TDI) into aliphatic systems (HDI, IPDI, etc.), where Vencorex was a key player.
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