Pittsburgh, April 30, 2013 — Bayer MaterialScience LLC has agreed to sell its global powder polyester resins business and its U.S.-based liquid polyester resins merchant business to Stepan Company of Northfield, Ill. The sale is scheduled to be completed by June 1. Financial terms were not disclosed.
Both Bayer businesses are located in Columbus, Ga. The 45 Bayer employees who work at the Columbus facility will be offered the opportunity to become Stepan employees.
"The divestiture allows us to focus on our core competencies," explained Daniel Meyer, head of the Coatings, Adhesives and Specialties business unit at Bayer MaterialScience AG. "We believe we have found the right home for our North American polyester resins business and look forward to watching it develop further under new ownership."
Bayer will retain its trade name Desmophen® to continue to sell its diverse portfolio of products to the coatings, adhesives, sealants and elastomers industries around the world, including liquid polyester resins in markets outside the United States.
"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 [coatings, adhesives, sealants and elastomers] and PUSH [Polyurethane Systems House] applications," said F. Quinn Stepan, Jr., president and CEO of Stepan Company. "We intend to make future capital expenditures to expand the capabilities at Columbus."
"Stepan is getting a solid business, a base of loyal customers and talented, value-driven employees," said Jerry MacCleary, president of Bayer MaterialScience in the NAFTA region. "Everyone wins with this transaction."
Bayer acquired the Columbus facility in 2000 when it purchased Sybron Chemicals Inc. Today, the facility includes both commercial and production operations, serving North America as a leading producer of polyester resins. Powder polyester resins are used in a variety of coatings applications, including industrial metal and transportation coatings. Liquid polyester resins are utilized as building blocks in various coatings and adhesives.
About Bayer MaterialScience LLC:
Bayer MaterialScience LLC is one of the leading producers of high-performance plastics in North America and is part of the global Bayer MaterialScience business with approximately 14,500 employees at 30 production sites around the world and 2012 sales of 11.5 billion euros. The company manufactures high-tech polymer materials and develops innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction, medical, and sports and leisure industries. Sustainability is central to Bayer MaterialScience LLC's business and is based around the key areas of innovation, product stewardship, social responsibility and respect for the environment.
About Stepan Company:
Stepan Company, headquartered in Northfield, Illinois, is a leading producer of specialty and intermediate chemicals used in household, industrial, personal care, agricultural, food and insulation related products. The common and the convertible preferred stocks are traded on the New York Stock Exchange under the symbols SCL and SCLPR.
For more information about Stepan Company, please visit the company online at www.stepan.com.
For more information about Bayer MaterialScience, visit www.bmsnafta.com.
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Name: Alice Sox
Company: Bayer MaterialScience