Stepan Co. (Northbrook, Ill.) announced that it has entered into an agreement to sell its manufacturing assets located in Lake Providence, LA to an undisclosed buyer.
This transaction follows Stepan’s most recent divestiture of its plant in the Philippines, representing the Company’s ongoing footprint optimization efforts and focus on core growth opportunities. Earlier in the year, Stepan announced investments in its U.S. manufacturing footprint for alpha olefin sulfonates and alkoxylates.
The transaction is subject to normal closing conditions. The parties are targeting to close the transaction before year end, subject to the satisfaction of customary closing conditions, including completion of ongoing due diligence. Terms of the transaction were not disclosed.