Cognis has sold its 50% stake in the joint venture company to PTT Chemical International for about 104 million euros in cash, representing an enterprise value of 285 million euros for the whole joint venture company.
Cognis already has established a successful relationship with PTT Chemical: In 2005, they founded Thai Ethoxylate Ltd., a 50/50 joint venture and Thailand’s first producer of fatty alcohol ethoxylate. 2006 saw the founding of Thai Fatty Alcohols Company Ltd., a 50/50 joint venture between Cognis and PTT Chemical’s subsidiary Thai Oleochemicals for the production and marketing of fatty alcohols.