Pittsburgh, Pennsylvania - Bayer MaterialScience LLC has agreed to sell its global powder polyester resins business and its U.S.-based liquid polyester resins merchant business to Stepan Co.
The deal is scheduled to close by June 1. Terms were not disclosed.
Both Bayer businesses are located in Columbus, Ga. According to Bayer, the 45 employees who work at the Columbus facility will be offered jobs with Northfield, Ill.-based Stepan.
Bayer will keep the Desmophen trade name and continue to sell those products to coatings, adhesives, sealants and elastomer customers.
Stepan said the deal will expand its polyol product offering. Stepan already makes polyester polyols used in rigid insulation foam.
Bayer bought the business in 2000 as part of its acquisition of Sybron Chemicals Inc.
This story first appeared in Plastics News.