PTTGC Restructures GC Polyols to Strengthen Business Amid Challenging Polyols Market

PTT Global Chemical Public Company Limited (PTTGC) has announced the restructuring of its subsidiary, GC Polyols Company Limited (GCP), as part of its strategy to adapt to prolonged weakness in the global polyols market and improve long-term business sustainability.

The restructuring follows a resolution by GCP’s Board of Directors on June 23, 2026, approving a business reorganization that includes placing the company’s polyols production facility into a mothballed state while maintaining the plant in operational readiness for potential future market recovery.

As part of the restructuring, PTTGC acquired the remaining 17.9% equity stake in GCP from its Japanese partners—14.9% from Sanyo Chemical Industries and 3% from Toyota Tsusho—raising its ownership from 82.1% to 100%. The share acquisition was completed on July 8, 2026, giving PTTGC full control over GC Polyols and enabling more streamlined management and strategic decision-making.

The company emphasized that the restructuring is in line with current market conditions, which are marked by ongoing oversupply, weakened demand, and increased competitive pressures in the polyurethane feedstock sector. PTTGC noted that the temporary suspension of production is intended to preserve asset value, optimize operational efficiency, and enhance financial resilience while retaining the flexibility to restart operations when market conditions improve.

The company also stated that the restructuring is not expected to have a material impact on its overall financial position or operating performance. The move reflects PTTGC’s broader portfolio optimization strategy, which focuses on strengthening competitiveness, improving capital allocation, and enhancing long-term shareholder value while navigating cyclical challenges in the global petrochemical and polyurethane industries.

Source: PTTGC