Mexico. Stepan reported that it has reached an agreement with BASF Mexicana to acquire its surfactant production plant at the Ecatepec site, and a portion of its associated surfactants business.
The facility is located near Mexico City and has more than 50,000 metric tons of capacity, 124,000 square feet of warehouse space, a large laboratory and office space.
The definitive agreement is subject to the conditions of closing and the satisfaction of certain other requirements. The transaction is expected to close in the fourth quarter of 2017 and is expected to have minimal impact on Stepan's 2017 financial results. Financial terms of the transaction were not disclosed.
"The acquisition supports the Company's growth strategy in Latin America and we believe this acquisition will significantly enhance Stepan's market position and surfactant supply capabilities in Mexico and position us to grow in the consumer and functional surfactants markets," said F. Quinn Stepan Jr., President and CEO of Stepan Company.
