Bayer Co., Ltd. in collaboration with IRPC Public Company Limited or IRPC announced a strategic partnership to establishIBIC Company Limited (IBIC)To develop, produce, and distribute paints and coatings for steel structures, aiming to meet the needs of the industrial sector and large infrastructure such as oil refineries, petrochemical plants, ports, airports, and bridges, in order to support the development of the country’s infrastructure to be efficient, cost-effective, and sustainable in the long term.Dr. Worawat ChaiyosboonratThe CEO of Bayer Co., Ltd. stated that over the period of more than65 yearsBayer is committed to developing innovations in color and coatings to continuously elevate the standards of the Thai industry, focusing on creating long-term value through highly durable coating systems that help reduce the total cost over the lifecycle of structures (Lifecycle Cost), while addressing directional needs.โครงสร้างพื้นฐานสีเขียวand goalsNet ZeroOf the industrial sector
Company formation collaborationIBIC Co., Ltd.This time marks an important step in elevating the Thai paint industry from the role of a product manufacturer to that of a developer.Comprehensive coating system solutions for infrastructure and heavy industryBy focusing on developing products that not only provide durability but also maintain stable performance over the long term, and help enhance cost management efficiency throughout the lifespan of steel structures in all conditions.Mr. Therdkiat PrommoonThe Chief Executive Officer and Managing Director of IRPC Public Company Limited stated that the establishment of the companyIBIC Co., Ltd.This is considered another important step in enhancing the advanced materials innovation potential of IRPC towards high-value downstream businesses, helping to reduce dependence on imports of specialized products from abroad while creating new growth opportunities in the industrial and infrastructure markets both in Thailand and the ASEAN region.
CompanyIBIC Limited (IBIC)Established under the collaboration of IRPC and Bayer in the shareholding ratio.45 : 55To conduct the business of industrial paints and coatings in the regional market, which is valued at over26 billion baht per year, with plans to start commercial operations in2026and expand into the ASEAN market within2 yearsto support the demand for highly durable infrastructure and align with the country’s greenhouse gas reduction goals. “This collaboration is considered one of the key mechanisms for creatingNew S-Curvebusiness opportunities for IRPC under the concept ofStep Up & Beyondby leveraging existing businesses into new opportunities through investments in businesses that align with global megatrends, while creating partnerships with experts to enhance long-term return on investment, alongside conducting business sustainably and aiming forNet Zero by 2050,” said Mr. Teodkiat.
The collaboration underIBICalso integrates IRPC’s strengths in research and development ofPolytetrafluoroethylene (PTFE), which has outstanding properties in terms of resistance to harsh environmental conditions, with Bayer’s expertise in international industrial paint and coating technology to develop high-performance products that extend the lifespan of steel structures, reduce maintenance frequency, and enhance economic value throughout the product’s lifecycle. The products ofIBICare also designed to be suitable for the climate of Thailand and the ASEAN region, helping to reduce resource and energy consumption, as well as reducing indirect greenhouse gas emissions throughout the supply chain, while supporting the development of efficient and sustainable infrastructure in the long term.
Moreover, the establishment ofIBIC Co., Ltd.also plays a crucial role in strengthening the domestic supply chain, reducing dependence on imports of specialized products from abroad, and raising the standards of the Thai paint and coating industry to compete internationally, with plans to expand the market from Thailand to theEastern Economic Corridor (EEC)and expand into the ASEAN market in the future
