Northfield, Illinois -- Stepan Company has announced the sale of its Specialty Polyurethane Systems business to J6 Polymers.
With its 2014 net sales at $2.8m, the company’s segment operates mainly out of its Millsdale, Illinois facility and third party toll manufacturers.
Stepan president and ceo Quinn Stepan said: "This transaction will allow our polymer business segment to redeploy resources to further improve growth and innovation in our line of polyols for coatings, adhesives, sealants and elastomer applications."
The sale was for cash and included inventory as well as customer and supplier lists, intellectual property, formulations, manufacturing procedures and all other information required to operate the business.
The Company expects to report a pre-tax one-time gain of between $2.5m and $3m during the first quarter from the sale proceeds.
Products from the Illinois facility will be toll produced for J6 Polymers.