Stepan Co., a maker of chemicals used in cleaning products, said Friday that its European subsidiary has acquired Alfa Systems in move to gain manufacturing operations in Eastern Europe to better serve its customers in Central and Eastern Europe.
Stepan bought the company from Chemitex Holding Ltd. and Chemovil Holdings Ltd. The purchase price was not disclosed.
The deal includes Alfa Systems' new factory in Brzeg Dolny, near Wroclaw, Poland. The plant makes polyester polyols from recycled materials, a key component in Stepan's polymer business, the company said in a statement.
"In addition, the technology to manufacture aromatic polyester polyols from recycled raw materials is new for Stepan," said Stepan President and CEO F. Quinn Stepan Jr. "We are excited to add this site with its technology to our global polyester polyol manufacturing network including Millsdale, Illinois; Wesseling, Germany; and our joint venture in Nanjing, China."
Shares of Stepan closed Friday down $3.78, or 5.3 percent, at $67.73.
