UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 01/20/2015
STEPAN COMPANY
(Exact name of registrant as specified in its charter)
Commission File Number: 1-4462
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Delaware |
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36-1823834 |
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(State or other jurisdiction of incorporation) |
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(IRS Employer Identification No.) |
Edens and Winnetka Road, Northfield, Illinois 60093
(Address of principal executive offices, including zip code)
(847)446-7500
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events
On January 20, 2015, Stepan Company ("Stepan") issued a press release announcing the sale of its specialty polyurethane systems business ("KITS") to J6 Polymers, LLC. The sale was for cash and included inventory as well as certain business information. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
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Item 9.01. |
Financial Statements and Exhibits |
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(d) |
Exhibits |
Exhibit Number: 99.1
Description: Press Release of Stepan Company dated January 20, 2015
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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STEPAN COMPANY |
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Date: January 21, 2015 |
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By: |
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/s/ Kathleen Sherlock |
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Kathleen Sherlock |
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Assistant Secretary |
EXHIBIT INDEX
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Exhibit No. |
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Description |
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EX-99.1 |
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Press Release of Stepan Company dated January 20, 2015 |
Exhibit 99.1
Stepan Sells its Specialty Polyurethane Systems Business
Northfield, Illinois, January 20, 2015 -- Stepan Company (NYSE: SCL) announced today the sale of its Specialty Polyurethane Systems business (“KITS”) to J6 Polymers, LLC. The annual net sales associated with this business were $2.8 million.
The sale was for cash and included inventory as well as customer and supplier lists, intellectual property, formulations, manufacturing procedures and all other information required to operate the business. The Company expects to report a pretax one-time gain of between $2.5 million and $3.0 million during the first quarter from the sale proceeds. Other terms of the agreement were not disclosed.
The products associated with this business are produced at the Company’s Millsdale, Illinois facility and third party toll manufacturers. During a transition period, the products produced at the Company’s Millsdale, Illinois facility will be toll produced for J6 Polymers, LLC.
“This transaction will allow our Polymer business segment to redeploy resources to further improve growth and innovation in our line of polyols for Coatings, Adhesives, Sealants and Elastomers (CASE) applications” said F. Quinn Stepan Jr., President and CEO of Stepan Company.
Corporate Profile
Stepan Company is a major manufacturer of specialty and intermediate chemicals used in a broad range of industries. Stepan is a leading merchant producer of surfactants, which are the key ingredients in consumer and industrial cleaning compounds. The Company is also a leading supplier of polyurethane polyols used in the expanding thermal insulation market, and C.A.S.E. (Coatings, Adhesives, Sealants, and Elastomers) industries.
Headquartered in Northfield, Illinois, Stepan utilizes a network of modern production facilities located in North and South America, Europe and Asia. The common stock is traded on the New York Stock Exchange (NYSE) under the symbol SCL. For more information about Stepan Company please visit the Company online at www.stepan.com.
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.
Contact: Scott D. Beamer – Vice President and Chief Financial Officer (847) 446-7500