Stepan acquires surfactants business
Stepan has entered agreed to the surfactant business and associated assets of PerformanX Specialty Chemicals in a deal that should close in Q3. Terms were not disclosed but Stepan said that the acquisition should increase revenue by about $20 million/year and be accretive to the EBITDA margin
“PerformanX is a strong strategic fit within Stepan’s surfactants business and provides attractive market diversification opportunities for our alkoxylation product line,” said Scott R. Behrens, president and CEO of Stepan.
In 2021, the company had announced plans to invest $245 million to add 75,000 tonnes/year of flexible capacity at its alkoxylation plant in Pasadena, Texas. Due onstream in 2024, this will be able to carry out both ethoxylation and propoxylation for its surfactants and polymers businesses.