Stepan Co. (SCL), a specialty and intermediate chemical supplier, on Tuesday announced that its subsidiary, Stepan Philippines Quaternaries, Inc., has agreed to sell its Bauan and Batangas manufacturing assets to Masurf, Inc., a subsidiary of Musim Mas Holdings Pte. Ltd.
The financial terms and the date of closing of the transaction are undisclosed.
As part of the deal, the company will enter into a tolling agreement with Masurf to maintain customer service after closing.
On Friday, Stepan closed trading 0.82% lesser at $54.43 on the New York Stock Exchange.
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