Stepan Co. said Wednesday that it increased its ownership stake in a joint venture in the Philippines.
The chemical company raised its stake in Stepan Philippines Inc., which produces cleaning products for the Asian markets, from 50 percent to 88.8 percent. Its partner, United Coconut Chemicals Inc., will remain as an 11.2 percent owner.
Financial terms were not disclosed.
Shares of Stepan, which is headquartered in Northfield, Ill., fell 81 cents to $68.19 in midday trading.