(The following press release from Bayer was received by e-mail. It was not
confirmed by the sender.)
Dear Newsletter Subscriber,
The following news item has been released:
Bayer MaterialScience To Sell Polyester Resins Businesses to Stepan
Leverkusen, 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,
Illinois. The sale is scheduled to be completed by June 1. Financial terms
were not disclosed.
Both Bayer businesses are located in Columbus, Georgia. 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, 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 successfully 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
About Bayer MaterialScience:
With 2012 sales of EUR 11.5 billion, Bayer MaterialScience is among the
world’s largest polymer companies. Business activities are focused on the
manufacture of high-tech polymer materials and the development of
innovative solutions for products used in many areas of daily life. The
main segments served are the automotive, electrical and electronics,
construction and the sports and leisure industries. At the end of 2012,
Bayer MaterialScience had 30 production sites and employed approximately
14,500 people around the globe. Bayer MaterialScience is a Bayer Group
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
Find more information at http://www.materialscience.bayer.com and
This release may contain forward-looking statements based on current
assumptions and forecasts made by Bayer Group or subgroup management.
Various known and unknown risks, uncertainties and other factors could lead
to material differences between the actual future results, financial
situation, development or performance of the company and the estimates
given here. These factors include those discussed in Bayer’s public reports
which are available on the Bayer website at http://www.bayer.com. The
company assumes no liability whatsoever to update these forward-looking
statements or to conform them to future events or developments.
This press release is available here:
Yours BayNews Editorial Team
51368 Leverkusen, Germany
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© Bayer AG, 51368 Leverkusen, Germany.
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Board of Management: Marijn Dekkers, Chairman | Werner Baumann, Michael
König, Wolfgang Plischke, Richard Pott
Chairman of the Supervisory Board: Werner Wenning
Registered office: Leverkusen | Local Court of Cologne, HRB 48248
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