US speciality chemicals company Stepan has agreed to acquire surfactants producer PerformanX Specialty Chemicals, the Independent Commodity Intelligence Services (ICIS) reported.
Stepan said the deal was expected to close in the third quarter of this year, according to the 12 September report, but did not disclose the financial details.
PerformanX was a strong strategic fit for the company’s surfactants business, Stepan CEO Scott Behrens was quoted as saying, which would allow it to diversify its alkoxylation product lines.
The pending acquisition is the latest move by Stepan to increase its surfactants capacity, according to the report, and the company is building a new alkoxylation plant at its existing complex in Pasadena, Texas.
Due to become operational in 2024, Stepan said the US$245m project would provide it with flexible alkoxylation capacity for both ethoxylation and propoxylation.
According to its website, Stepan is active in the agriculture, coatings, household and industrial cleaning, and personal care sectors and others.
PerformanX Specialty Chemicals offers a range of products and custom formulations including ethoxylates, disinfectants, lubricant additives and a range of formulated speciality products, according to the company website, for sectors including cleaners and detergents, personal care, oil and gas, and paints and coatings.
Alkoxylates are a family of surfactants made by reacting fatty alcohols with ethylene oxide (EO) or propylene oxide (PO).