Stepan Increases Ownership in Philippine Joint Venture
Stepan Company 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.
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