NORTHFIELD, Ill., July 21 /PRNewswire-FirstCall/ -- Stepan Company (NYSE: SCL) today announced that it has increased its ownership in the Company's Philippine joint venture, Stepan Philippines Inc. (SPI), from 50.0 percent to 88.8 percent. SPI operates a surfactant manufacturing plant, south of Manila, producing laundry and cleaning products, fabric softeners and functional surfactants for the Philippines and other Asian markets. United Coconut Chemicals Inc (UCCI) will remain as the other 11.2 percent owner. UCCI operates an alcohol plant adjacent to SPI, capable of supplying feedstock raw materials for production of surfactants.
"Together with our recently announced plant acquisition in Singapore, we are committed to building our surfactant franchise in Asia," said F. Quinn Stepan, Jr., President and Chief Executive Officer of Stepan Company. "We have been working to diversify the product offering produced at the Philippine site and plan to capitalize on synergies with our Singapore plant when it starts up in late 2011," said Mr. Stepan.
Stepan Company, headquartered in Northfield, Illinois, is a leading producer of specialty and intermediate chemicals used in household, industrial, personal care, agricultural, food and insulation related products. The common and the convertible preferred stocks are traded on the New York and Chicago Stock Exchanges under the symbols SCL and SCLPR.
Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Stepan Company's Form 10-K, Form 8-K and Form 10-Q reports and exhibits to those reports, and include (but are not limited to), prospects for our foreign operations, foreign currency fluctuations, certain global and regional economic conditions, the probability of future acquisitions and the uncertainties related to the integration of acquired businesses, the probability of new products, the loss of one or more key customer or supplier relationships, the costs and other effects of governmental regulation and legal and administrative proceedings, including the expenditures necessary to address and resolve environmental claims and proceedings, and general economic conditions. These forward-looking statements are made only as of the date hereof, and Stepan Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Stepan Company
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