NORTHFIELD, IL - Stepan Co., Northfield, IL, has reached an agreement with Bayer MaterialScience to acquire its North American Polyester Resins business, including a production facility located in Columbus, GA. Bayer MaterialScience is a leading producer of powder polyester resins for metal coatings applications in NAFTA and liquid polyester resins for CASE (coatings, adhesives, sealants and elastomers) applications globally. Financial terms of the transaction were not disclosed.

"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 and PUSH (polyurethane systems house) applications. The acquisition should be slightly accretive to 2013 earnings," said F. Quinn Stepan, Jr., President and CEO of Stepan Co. "We intend to make future capital expenditures to expand the capabilities at the site."