Bayer MS to Sell Off Resins Units
Bayer MaterialScience has announced plans to sell its global powder polyester resins business and its U.S.-based liquid polyester resins merchant business to Stepan Company.
The sale is scheduled to be completed by June 1, Bayer announced Tuesday (April 30). Financial terms were not disclosed.
Both Bayer businesses are located in Columbus, GA. Stepan is headquartered in Northfield, IL.
'The Right Home'
"The divestiture allows us to focus on our core competencies," said 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."
The company said it would retain its trade name Desmophen to continue to sell the portfolio of products, including coatings, adhesives, sealants and elastomers.
"This acquisition will significantly expand Stepan's polyol product offering," said F. Quinn Stepan, Jr., president and CEO of Stepan Company.
Stepan Company said the acquisition would "significantly expand" its polyol product offerings.
"Stepan is a leading producer of polyester polyol used in rigid foam insulation. 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," Stepan said.
Stepan also said the company planned to expand the capabilities at the Columbus plant. The 45 employees currently working there will be offered job opportunities with Stepan, Bayer announced.
Bayer acquired the Columbus facility in 2000 when it purchased Sybron Chemicals Inc. The facility includes commercial and production operations for polyester resins.
About the Companies
Bayer MaterialScience, a Bayer Group company, had 30 production sites and approximately 14,500 employees globally at the end of 2012. Bayer MS focuses on manufacturing high-tech polymer materials.
Stepan Company is a producer of specialty and intermediate chemicals used in industrial, household, personal care, agricultural, food, and insulation related products.