"This acquisition will expand Stepan's capabilities in Brazil. Brazil is the world's fifth most populous country and has a growing middle class. As the country's usage of laundry products transitions from soap bars to powders to liquids, surfactant use expands. Surfactants used in functional applications, including the large Brazilian agricultural industry, are also increasing. Brazil is a strategic priority for Stepan; this acquisition is synergistic with our existing Vespasiano, Brazil plant and provides an opportunity to serve the growing northeast of Brazil." said F. Quinn Stepan Jr., president and CEO.
The transaction is projected to close in the third or fourth quarter. Financial terms were not disclosed.