NORTHFIELD, Ill.—Stepan Co. has completed its purchase of the North American polyester resins business from Bayer MaterialScience L.L.C. Terms were not disclosed.
The deal also includes the production facility in Columbus, Ga., which has a modern research and development laboratory for customer technical support and new product development, according to Stepan.
Stepan, a producer of polyester polyol used in rigid insulation foam, said the 21,000-ton plant is expandable. Bayer will keep the Desmophen trade name and continue to sell those products to coatings, adhesives, sealants and elastomer customers.
Bayer MaterialScience produces powder polyester resins for metal coatings applications in NAFTA and liquid polyester resins for coatings, adhesives, sealants and elastomers applications globally.
F. Quinn Stepan, Jr., president and CEO of Stepan, said the acquisition "will significantly expand Stepan's polyol product offering."
"This acquisition will diversify our polyol offering and accelerate our efforts to grow in CASE and PUSH (polyurethane systems house) applications," he said.