03 June 2013 22:47 [Source: ICIS news]
HOUSTON (ICIS)--US specialty chemicals producer Stepan announced on Monday that it has completed the acquisition of Bayer MaterialScience’s North American polyester resins business for $64m (€49m).
Announced in April, the sale includes a production facility in Columbus, Georgia, with a 21,000 tonne/year expandable plant and a research and development (R&D) laboratory for customer technical support and new product development, Stepan said.
Bayer MaterialScience produces powder polyester resins for metal coatings applications in North American Free Trade Agreement (NAFTA) countries, as well as liquid polyester resins for coatings, adhesives, sealants and elastomers (CASE) applications globally.
“This acquisition will diversify our polyol offering and accelerate our efforts to grow in CASE and PUSH (Polyurethane Systems House) applications,” said Quinn Stepan Jr, the company’s CEO.
“We intend to make future capital expenditures to expand the capabilities at the site and look forward to providing the highest level of service to our new customers,” he added.
($1 = €0.77)
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