Stepan sells its Specialty Polyurethane Systems business -- K Trade Fair


Stepan sells its Specialty Polyurethane Systems business

According to Stepan, the sale was for cash and included inventory as well as customer and supplier lists, intellectual property, formulations, manufacturing procedures and all other information required to operate the business. The company expects to report a pretax one-time gain of between USD 2.5 million and USD 3.0 million during the first quarter from the sale proceeds. Other terms of the agreement were not disclosed. The products associated with this business are produced at the company's Millsdale, IL, USA, facility and third party toll manufacturers. During a transition period, the products produced at the company's Millsdale facility will be toll produced for J6 Polymers, LLC. "This transaction will allow our Polymer business segment to redeploy resources to further improve growth and innovation in our line of polyols for coatings, adhesives, sealants and elastomers (CASE) applications,” said F. Quinn Stepan Jr., President and CEO of Stepan Company.