Stepan Company announced it has entered into an agreement to divest the manufacturing assets of its subsidiary, Stepan Philippines Quaternaries, Inc. (SPQI), located in Bauan, Batangas, Philippines. The assets will be sold to Masurf Inc., a subsidiary of Musim Mas Holdings Pte. Ltd., a global player in the agribusiness sector.
The transaction supports Stepan鈥檚 long-term strategy to concentrate on its core growth markets and further optimize its global manufacturing operations. Following the close of the sale, SPQI will enter into a tolling agreement with Masurf, allowing Stepan to continue serving its customers throughout Southeast Asia without disruption.
鈥淭he divestiture of the Bauan facility reflects our ongoing efforts to align resources with our strategic priorities,鈥� said Luis Rojo, Stepan鈥檚 chief executive officer. 鈥淲e remain committed to delivering value to our customers in Southeast Asia. The continued tolling arrangement with Masurf will enable us to maintain our presence in the region and support future growth.鈥�
Rojo also expressed gratitude to the team in the Philippines, acknowledging their role in the company鈥檚 regional operations over the past three decades. 鈥淚 want to sincerely thank our Philippines team for their dedication and valuable contributions over the last 30 years. We are confident that this facility will flourish under the ownership of Masurf,鈥� Rojo added.
The agreement between Stepan and Masurf marks a significant move for both organizations. For Stepan, it allows for a streamlined focus on higher-growth areas across its global network, while maintaining operational continuity in Southeast Asia through the new tolling partnership. For Masurf, the acquisition represents a strategic expansion of its manufacturing footprint and a deepened investment in the region鈥檚 chemical and surfactant industries.
Stepan emphasized that the sale will not impact its commitment to its customers. The company鈥檚 decision to maintain a supply agreement through toll manufacturing is intended to ensure ongoing service and support. This collaborative model is expected to sustain business relationships and reinforce the company鈥檚 regional footprint even after the transfer of ownership.
The completion of the transaction is contingent on customary closing conditions. Specific financial terms of the deal were not disclosed.
Stepan Company is a global manufacturer of specialty and intermediate chemicals used in a broad range of industries. Headquartered in Northfield, Illinois, Stepan has manufacturing facilities worldwide and serves markets including personal care, industrial cleaning, agriculture and oilfield chemicals.
Masurf Inc. operates as part of Musim Mas Holdings, one of the world鈥檚 leading integrated palm oil companies with diverse operations spanning refining, oleochemicals and downstream manufacturing.
Stepan Company is a prominent producer of specialty and intermediate chemicals serving a wide array of industries. It is a leading independent manufacturer of surfactants鈥攅ssential components in consumer and industrial cleaning products, disinfectants, as well as agricultural and oilfield applications. Additionally, Stepan is a major supplier of polyurethane polyols, which are increasingly used in the growing thermal insulation sector and the CASE market (Coatings, Adhesives, Sealants, and Elastomers).
