There was a 5% fall in demand for polyols for rigid foam applications. CEO Quinn Stepan explained: 'Our polymer business was down slightly versus the prior year quarter, as North America continues to experience construction project delays and cancellations as a result of coronavirus.'
Shutdowns also hit margins in the business. However, the division did claw back $2.8m in an insurance settlement related to a shutdown at a power plant in Martinsdale, Illinois.
'On a global basis, the demand for rigid polyols is gradually improving,' Quinn Stepan added.
Across the business, sales were $464.5m in the third quarter of 2020, up 2.88% on the same period last year. Operating income rose by 51.4% to $42.4m in the third quarter of 2020.