Vencorex

What Vencorex does

Vencorex is a France-headquartered specialty chemicals company that develops, manufactures, and commercializes aliphatic isocyanates, primarily hexamethylene diisocyanate (HDI) and its derivatives, used as crosslinkers in polyurethane coatings, adhesives, sealants, and elastomers. The company's commercial portfolio centers on two branded product families: Tolonate™, covering solvent-based and solvent-free aliphatic polyisocyanates (HDI-trimer, HDI-biuret, HDI allophanate, IPDI trimer and blocked variants), and Easaqua™, a patented line of self-emulsifiable hydrophilic isocyanates for waterborne polyurethane systems. End markets served include automotive OEM and refinish, general industrial and machinery coatings, marine and protective coatings, wood, leather and textile finishes, construction equipment, and emerging electric vehicle battery-pack adhesives and thermal conductive adhesives.

Vencorex historically operated a globally integrated model with chlor-alkali and monomer production at Pont-de-Claix (France, site origins dating to 1916) plus regional finishing plants in Freeport, Texas (since 1988) and Rayong, Thailand (since 2016), together with sales offices in Brazil (since 2013), China (since 2014), and Mexico. Following ownership transitions—from Perstorp acquisition in 2008, formal JV creation in 2012, to full ownership by PTT Global Chemical in 2022—the company underwent substantial restructuring in 2024–2025. The two HDI derivatives production sites in Rayong and Freeport were sold to Covestro on July 1, 2024, the France upstream chlor-alkali and isocyanate monomers activities were mothballed, the Vencorex France isocyanate derivatives business was sold to Borsodchem (Wanhua Group) in 2025, and the remaining Pont-de-Claix activities were definitively stopped. The continuing Vencorex entity retains commercialization of the Tolonate™ and Easaqua™ product ranges in the United States, Thailand, China, Brazil, and Mexico, while EMEA production and commercialization sit with Borsodchem and the former Rayong/Freeport sites continue producing under Covestro ownership for their respective regions.

The business model is direct B2B sales through regional representatives, with quote-based (non-publicly-disclosed) pricing on a pay-as-you-go transaction basis. Primary customer segments are coatings and adhesives manufacturers, elastomers and TPU producers, and battery/EV industry buyers, served via direct field sales, a multilingual corporate website, downloadable technical documentation in English/German/Chinese, and application-specific technical support. Vencorex France SAS (capital of €13,364,682, registered in Lyon) is the operating legal entity, headquartered at Saint-Priest (Lyon) at 196 Allée Alexandre Borodine, with reported headcount in the 501-1000 range.

Name

Vencorex

Legal name

Vencorex France, Société par Actions Simplifiée

Website

https://vencorex.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Vencorex is a France-headquartered specialty chemicals company that manufactures and sells branded aliphatic isocyanate products (Tolonate™ and Easaqua™) used as crosslinkers in polyurethane coatings, adhesives, and elastomers, serving industrial formulators across automotive, marine, construction, and emerging electric vehicle battery applications globally.

Ownership category

akta.pro rank

Product category

Specialty Chemicals (Aliphatic Isocyanates)

NAICS

Paint, Coating, and Adhesive Manufacturing (3255)

SIC

Industrial Organic Chemicals (2860)

akta.pro primary industry

Adhesives & Sealants Chemicals (IMAEABAA)

akta.pro secondary industry

Bio-based Surfactants, Detergent Ingredients & Oleochemicals (EUAAAIAE)

Keywords

• Aliphatic isocyanates
• Polyurethane coatings
• Polyurethane adhesives
• Specialty chemicals
• HDI derivatives

Headquarters

HQ city

Saint-priest

HQ country

France

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Isocyanate Products Sales: Vencorex generates revenue through the manufacture and sale of aliphatic isocyanate products including Tolonate™ and Easaqua™ product lines to industrial customers in coatings, adhesives, and related polyurethane industries. Revenue is generated from direct product sales to manufacturers.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Vencorex develops, manufactures, and sells aliphatic isocyanate chemistries based on hexamethylene diisocyanate (HDI) and its derivatives (HDI trimer/isocyanurate, HDI biuret, HDI allophanate, IPDI trimer) and blocked variants. The portfolio is sold under two main brands — Tolonate™ (solvent-based and solvent-free aliphatic polyisocyanates) and Easaqua™ (patented hydrophilic isocyanates for waterborne polyurethane systems) — for use as crosslinkers and hardeners in 2K polyurethane coatings, adhesives, sealants, elastomers, and related formulations.

Product overview

Vencorex is a chemical company specializing in aliphatic isocyanates for coatings and adhesives polyurethane markets. The company offers two main product brands: Tolonate™ (solvent-based and solvent-free aliphatic polyisocyanates) and Easaqua™ (hydrophilic isocyanates for waterborne polyurethanes). These products serve diverse applications including automotive, construction, marine, transportation, wood, leather & textile, adhesives & sealants, and elastomers. The product portfolio includes HDI-based polyisocyanates such as HDI-trimer (isocyanurate), HDI-biuret, HDI allophanate, and IPDI trimer derivatives, as well as blocked isocyanates. Vencorex operates manufacturing facilities in Freeport, Texas (USA), Rayong (Thailand), and previously in France (Pont-de-Claix), with commercial operations in China, Brazil, and Mexico. The company underwent ownership changes: acquired by Perstorp in 2008, became a JV in 2012, became fully-owned by PTT Global Chemical in 2022, and in 2025 its France isocyanate derivatives business was acquired by Borsodchem (Wanhua Group).

Differentiator

Problem solved

Functional benefit

Brands

• Tolonate™: Solvent-based and solvent-free aliphatic polyisocyanates for polyurethane coatings
• Easaqua™

Products and services

• Tolonate™ (Aliphatic Polyisocyanates product line) Solvent-based and solvent-free aliphatic polyisocyanate crosslinkers for 2K polyurethane coatings and adhesives, offering exceptional durability, gloss retention, non-yellowing, high solids, low VOC, and fast-drying capabilities. For industrial coatings and adhesives formulators.
• Easaqua™ (Hydrophilic Isocyanates product line) Patented self-emulsifiable hydrophilic isocyanates used as hardeners for two-pack (2K) waterborne high-performance polyurethane coatings and adhesives, enabling easy mixing, fast drying, low VOC, and environmentally friendly formulations.
• Tolonate™ HDT Medium-viscosity, solvent-free aliphatic polyisocyanate used to produce 2K polyurethane coatings with superior performance. Used in adhesives and sealants, automotive OEM and refinish, general industry, and transportation.
• Tolonate™ HDT 90 Aliphatic polyisocyanate based on HDI-trimer (isocyanurate), supplied at 90% solids in a blend of butyl acetate and high-flash aromatic solvent, offering an ideal balance between high functionality and low viscosity.
• Tolonate™ HDT-LV Solvent-free, low-viscosity aliphatic polyisocyanate for 2K high-solids and solvent-free polyurethane coatings with superior performance, enabling VOC reduction and weathering resistance.
• Tolonate™ HDT-LV2 Solvent-free, low-viscosity aliphatic polyisocyanate used to produce 2K high-solids and solvent-free polyurethane coatings with superior performance.
• Tolonate™ HDB
• Tolonate™ HDB-LV Solvent-free, low-viscosity aliphatic polyisocyanate for 2K high-solids and solvent-free polyurethane coatings. Applications include adhesives for battery packs and elastomers and TPU.
• Tolonate™ HDB 75 Aliphatic polyisocyanate for 2K polyurethane coatings used on plastics, general industry, marine and protective, and wood applications; supplied in various solvent compositions.
• Tolonate™ D2 Blocked aliphatic polyisocyanate supplied at 75% solids in aromatic solvent, used to produce 1K stoving enamels cured at elevated temperatures, designed for can and coil coating applications.
• Tolonate™ X F 450 Ultra-low-viscosity HDI polyisocyanate designed to provide elasticity to coatings while maintaining high hardness, suitable for fast-drying aliphatic polyureas and polyaspartics, with extended pot life.
• Tolonate™ X F 800 Solvent-free, low-viscosity aliphatic polyisocyanate based on HDI providing a balance of hardness and flexibility, with excellent impact resistance, scratch resistance, and adhesion.
• Tolonate™ X FLO 100 Partially bio-based, solvent-free, low-viscosity aliphatic isocyanate polymer providing flexibility, longer pot life, and VOC reduction for polyaspartic and polyurea formulations, including concrete flooring applications.
• Tolonate™ FD 90 B High-functionality, fast-drying aliphatic polyisocyanate based on HDI-trimer, supplied at 90% solids in butyl acetate, providing chemical and stain resistance.
• Easaqua™ M 501 Water-dispersible aliphatic polyisocyanate designed as a solvent-free, easy-mixing hardener for 2K waterborne high-performance polyurethane coatings. Available for the Americas region only.
• Easaqua™ M 502 Versatile self-emulsifiable aliphatic polyisocyanate used to prepare crosslinkers for high-performance 2K waterborne polyurethane coatings; solvent-free, allows a wide choice of organic co-solvents.
• Easaqua™ L 600 Self-emulsifiable hardener for high-performance 2K waterborne polyurethane coatings with good adhesion and corrosion resistance.
• Easaqua™ X M 505 New-generation hydrophilic polyisocyanate for 2K waterborne polyurethane coatings and adhesives. Available for EMEA and APAC regions only, with a low-monomer grade for Europe.
• Easaqua™ X D 401 Self-emulsifiable aliphatic polyisocyanate used as a fast-drying hardener for 2K waterborne high-performance polyurethane coatings.
• Easaqua™ X D 803 Self-emulsifiable, ready-to-use, fast-drying hardener for high-performance 2K waterborne polyurethane formulations, providing longer pot life.
• Easaqua™ X D 870 Combination of Easaqua™ waterborne technology and HDI/IPDI derivatives in the eco-friendly PGDA solvent, suitable to comply with European VOC emissions regulations.

Quantifiable outcome

• Tolonate™ HDT 90 and FD 90 B maintain 80% gloss retention after 36 months of outdoor exposure in Florida
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and major.

• Borsodchem (Wanhua Group)coreStrategic or Co-development Partner · 1 January 2025Borsodchem, part of Wanhua Group, acquired Vencorex France isocyanates derivatives business in 2025. Tolonate™ and Easaqua™ production and commercialization continue under Borsodchem leadership in EMEA region with same quality standards.
• CovestromajorStrategic or Co-development Partner · 1 July 2024Covestro completed acquisition of two former Vencorex HDI derivatives production sites in Rayong, Thailand and Freeport, Texas on July 1, 2024. This expanded Covestro's global HDI network while these sites continue producing Vencorex-branded products for their regional markets.

Scale indicators3 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Wanhua Chemical: China-based global isocyanate giant and parent of Borsodchem. Acquired Vencorex France's isocyanate derivatives business in 2025 and is now a direct competitor in EMEA aliphatic isocyanates, with broader portfolio (MDI, TDI, ADI) and integrated raw material supply.
• Covestro: Global leader in aliphatic isocyanates (Desmodur® N/HDI range) for polyurethane coatings and adhesives. Covestro acquired Vencorex's Freeport and Rayong production sites in 2024 and now directly competes in the same HDI-based polyisocyanate market with comparable technology and customer base.
• Tosoh Corporation: Japanese chemical manufacturer producing isocyanates including aliphatic variants for coatings and adhesives applications. Comparable in HDI/IPDI chemistry with strong Asia-Pacific presence serving similar end markets.
• Perstorp: Swedish specialty chemicals company that previously owned Vencorex before the 2012 JV formation. Continues to operate in adjacent polyurethane raw materials and coating additives, with overlapping customer base in industrial coatings.
• Huntsman Corporation: Major polyurethane chemicals producer (MDI, TDI, polyols) with an extensive coatings and adhesives systems business. Comparable to Vencorex in serving industrial coatings and adhesives formulators, though broader in chemistry scope.

Broad incumbents

• Mitsui Chemicals: Japanese diversified chemicals producer with polyurethane raw materials and isocyanate product lines serving coatings and adhesives markets. Comparable technology breadth with significantly larger corporate scale.
• Asahi Kasei: Japanese diversified chemical manufacturer producing specialty isocyanates (including Duranate™ HDI products) for polyurethane coatings. Direct overlap with Vencorex in aliphatic isocyanate chemistry, with broader materials and chemicals portfolio.
• BASF: World's largest chemical company with a comprehensive polyurethanes portfolio including aliphatic isocyanates for coatings. Competes with Vencorex across multiple chemistries and end markets, with significantly larger scale and integrated raw materials.
• Evonik Industries: German specialty chemicals major with a significant aliphatic isocyanates business (Vestanat® HDI range). Directly comparable technology in HDI trimers and biurets for high-performance coatings, with broader specialty chemicals portfolio.

Regional players

• DIC Corporation: Japanese chemicals and pigments manufacturer with polyurethane resins and coating additives serving similar industrial coatings customers. Comparable in coatings raw materials but with stronger Asia focus and limited global manufacturing footprint.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Vencorex-581340898610554
• LinkedInlinkedin.com/company/vencorex-us-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vencorex