Stepan subsidiary to sell manufacturing assets in Philippines to Masurf

Stepan (SCL) announced that its subsidiary, Stepan Philippines Quaternaries, or SPQI, has entered into an agreement to sell SPQI’s manufacturing assets located in Bauan, Batangas, Philippines to Masurf, a subsidiary of Musim Mas Holdings. As part of the transaction, SPQI will enter into a tolling agreement with Masurf to continue to serve customers after the closing. The transaction is subject to normal closing conditions. Terms of the transaction were not disclosed.