Written on 07.05.2013 - Industry
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Stepan to acquire North American polyester resins business from Bayer

Stepan Company reported that it has reached an agreement with Bayer MaterialScience to acquire its North American polyester resins business, including the production facility located in Columbus, GA, USA.

Bayer MaterialScience is a leading producer of powder polyester resins for metal coatings applications in NAFTA and liquid polyester resins for CASE (coatings, adhesives, sealants and elastomers) applications globally. The facility houses a modern R&D laboratory for customer technical support and new product development. According to Stepan, the 21,000 t/y plant is expandable. The business to be acquired has sales of approximately USD 64 million. The definitive agreement is subject to customary closing conditions and the transaction is projected to close within four to six weeks. Financial terms of the transaction were not disclosed.

“This acquisition will significantly expand Stepan's polyol product offering. Stepan is a leading producer of polyester polyol used in rigid insulation foam. This acquisition will diversify our polyol offering and accelerate our efforts to grow in CASE and PUSH (Polyurethane Systems House) applications. The acquisition should be slightly accretive to 2013 earnings,” said F. Quinn Stepan, Jr., President and CEO of Stepan Company. “We intend to make future capital expenditures to expand the capabilities at the site.”