Northfield, Illinois,- Stepan Company saw sales of $19m for the first three months of 2013, down $3.3m compared with the same period last year.
Sales volumes were up by 3%, the company said, but the value of sales fell due to falling sales prices which followed the trend in raw material prices. Polymer sales volumes fell by 7% with net sales down 1%. In this sector raw materials prices have been rising, Stepan said adding it has had more success in passing these rises on.
Sales volume of polyols mainly used in rigid foam insulation for rigid foam insulation in commercial building fell 5% due to cold weather which delayed the start of the construction season in Europe and North America.
Stepan said it has raised prices in the polymer sector to recover higher raw materials costs.
Looking ahead, Quinn Stepan, president and chief executive officer said: "The recently announced acquisition of the polyester resins business from Bayer will help diversify and grow our polyols business. The acquisition should be accretive to 2013 earnings." 30 April 2012.
