30 April 2013 11:56 [Source: ICIS news]
LONDON (ICIS)--Stepan is to acquire Bayer MaterialScience’s North American polyester resins business for an undisclosed sum, the US specialty chemicals producer said on Tuesday.
The deal includes Bayer’s 21,000 tonne/year expandable plant in Columbus, Georgia, and a research and development (R&D) laboratory at the same site.
"This acquisition will significantly expand Stepan's polyol product offering,” said Stepan CEO F. Quinn Stepan, adding that it should be slightly accretive to 2013 earnings.
"We intend to make future capital expenditures to expand the capabilities at the site," he said.
The agreement and transaction are expected to close within 4-6 weeks, the company said in a statement, without disclosing financial details.
Stepan produces polyester polyol, which is used in rigid insulation foam.
In a separate statement on Tuesday, the company reported a 14.7% decline in 2013 first quarter net income.
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