Stepan Buys Surfactants from PerformanX
Based in Westerville, Ohio, PerformanX’s chemistries include ethoxylates, disinfectants, lubricant additives and various formulated specialty products for markets that range from cleaners and detergents to personal care, oil and gas, paints and coatings, pulp and paper, and industrial.
“PerformanX is a strong strategic fit within Stepan's Surfactants business and provides attractive market diversification opportunities for our alkoxylation product line. The acquisition of PerformanX's business should increase annual revenue by approximately $20 million and be accretive to Stepan's EBITDA margin,” said Stepan’s president and CEO Scott Behrens.
Financial terms of the transaction, which is expected to close in the third quarter of 2022, were not disclosed.
Last October, Stepan announced plans to spend $245 million on building a new alkoxylation plant at its Pasadena, Texas site. The 75,000 t/y plant, which will start operating in early 2024, will be capable of both ethoxylation and propoxylation, positioning the company to serve growing global demand for its surfactants and polymers.
Author: Elaine Burridge, Freelance Journalist