Bayer MaterialScience selling polyester resins businesses to Stepan

Bayer MaterialScience LLC (BMS) is selling its North American polyester resins business to Northfield, Ill.-based polyester manufacturer Stepan Company.

The terms of the deal have not been disclosed.

The deal includes BMS’ Columbus, Ga. production facility, which houses a modern R&D laboratory for customer technical support and new product development.

According to a Stepan Company press release, the business to be acquired has annual sales of approximately US$64 million. Stepan is a producer of polyester polyol used in rigid insulation foam.

“This acquisition will significantly expand Stepan’s polyol product offering…and we intend to make future capital expenditures to expand the capabilities at the [Columbus] site,” said F. Quinn Stepan, Jr., president and CEO of Stepan Company.