Jul 17 2010
Stepan Company (NYSE: SCL) today announced that its wholly-owned subsidiary, Stepan Europe S.A.S., has acquired all of the shares of Alfa Systems Sp. z o.o. from its shareholders, Chemitex Holding Limited and Chemovil Holdings Limited.
The purchase includes Alfa Systems' new plant located in Brzeg Dolny, just outside of Wroclaw, Poland with 25,000 metric tons of polyester polyol capacity and 15,000 metric tons of polyurethane systems capacity. The plant started up in mid-2009 and specializes in the manufacture of aromatic polyester polyols from recycled polyethylene terephthalate (PET) as a raw material. Financial terms of the transaction were not disclosed.
"Polyester polyols are the critical component of our Polymer business. The acquisition of Alfa Systems gives us manufacturing capability in Eastern Europe and the ability to economically and effectively serve customers in Central and Eastern Europe," stated F. Quinn Stepan Jr., President and CEO of Stepan Company. "In addition, the technology to manufacture aromatic polyester polyols from recycled raw materials is new for Stepan. We are excited to add this site with its technology to our global polyester polyol manufacturing network including Millsdale, Illinois; Wesseling, Germany; and our joint venture in Nanjing, China."
Source: http://www.stepan.com/