United States. Stepan Co. entered into an agreement with Bayer MaterialScience to acquire its North American Polyester Resins business, including a production facility located in Columbus, GA.
Bayer MaterialScience is a major producer of powdered polyester resins for metal coating applications and liquid polyester resins for global coatings, adhesives, sealants and elastomer (Case) applications. Financial terms of the transaction were not disclosed.
"This acquisition will significantly expand Stepan's polio product offering. We are a producer of polyester-polyol used in rigid insulating foam. This acquisition diversifies our polyol offering and accelerates our efforts to grow in Case and Push (internal polyurethane systems) applications. The acquisition should be slightly cumulative for 2013 earnings," said F. Quinn Stepan, Jr., president and CEO of Stepan Co. We intend to make future capital investments to expand capabilities at the site."
