PTTGC Consolidates Full Ownership of GC Polyols Following Mothball Decision

July 16, 2026 1 min read

PTT Global Chemical Public Company Limited, or PTTGC, has completed the acquisition of the remaining shares in GC Polyols Co., Ltd. and decided to temporarily shut down the company’s polyol production facility in Thailand.

PTTGC increased its ownership in GC Polyols from 82.1% to 100%, with the transaction completed on July 8, 2026. Before the restructuring, Japan’s Sanyo Chemical Industries held a 14.9% stake, while Toyota Tsusho owned the remaining 3%.

Following the acquisition, PTTGC approved a restructuring plan that includes mothballing the GC Polyols plant in response to weak market conditions. The company cited severe global polyol overcapacity, particularly following significant capacity additions in China, which have pushed average industry operating rates down to around 60%.

The facility is located in the Hemaraj Eastern Industrial Estate in Rayong Province, within Thailand’s Eastern Economic Corridor. It began commercial operations around 2020 and has a total annual production capacity of 180,000 tonnes, comprising 130,000 tonnes of polyether polyols, 30,000 tonnes of polymer polyols and 20,000 tonnes of premixed polyols.

The plant supplies polyurethane raw materials used in household appliances, automotive applications, electrical and electronic products, packaging, footwear and construction.

PTTGC reportedly recorded an additional provision of THB 1.8 billion in the second quarter of 2026, following asset impairment charges of approximately THB 5–6 billion recognized between the fourth quarter of 2025 and the first quarter of 2026. As a result, the current book value of GC Polyols is expected to be close to zero.

The temporary shutdown is expected to generate annual maintenance costs of around THB 50 million. However, the move could help reduce annual losses by approximately THB 200 million from 2026 onward, compared with losses of nearly THB 1 billion recorded last year.

The removal of 180,000 tonnes per year of Thai polyol capacity could ease some regional supply pressure in Southeast Asia, although the plant has been mothballed rather than permanently closed.

https://www.pudaily.com/news/65772/pttgc-consolidates-full-ownership-of-gc-polyols-following-mothball-decision