On June 13, Stepan Company (NYSE: SCL), through a subsidiary in Mexico, announced that it has arrived at an agreement with BASF Mexicana, S.A. DE C.V. to buy its surfactant production facility in Ecatepec, Mexico and a portion of its connected surfactants business. The facility has over 50,000 metric tons of capacity, 124,000 square footage of warehouse space, a large laboratory and office space located close to Mexico City.
The conclusive agreement is subject to closing conditions and the fulfillment of certain other specifications. The transaction is likely to close in the fourth quarter of 2017 and is expected to have nominal impact on Stepan’s 2017 financial outcomes. The deals financial terms were not disclosed.
F. Quinn Stepan Jr., Chairman, President and CEO of Stepan Company, said “The acquisition supports the Company’s growth strategy in Latin America. We believe this acquisition significantly enhances Stepan’s market position and supply capabilities for surfactants in Mexico and positions us to grow in both the Consumer and Functional markets for surfactants”.
About Stepan Company
Headquartered in Northfield, Illinois, Stepan Company is a major manufacturer of specialty and intermediate chemicals used in a wide range of industries. It is a leading producer of surfactants, which are the key ingredients in consumer and industrial cleaning compounds. The Company is also a leading supplier of polyurethane polyols used in the expanding thermal insulation market and coatings, adhesives, sealants, and elastomers industries.
The company employs a system of modern production facilities located in North and South America, Europe and Asia. The common stock is traded on the New York Stock Exchange (NYSE) under the symbol SCL.
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