Stepan Philippines dedicates plant.NORTHFIELD, Ill.--(BUSINESS WIRE)--May 23, 1996--Stepan Co. Thursday announced the opening and dedication of its 50 percent joint venture plant with United Cocochem Chemicals Company (Cocochem) in the Philippines, at Bauan, Batangas The Municipality of Bauan (Filipino: Bayan ng Bauan) is a first class municipality in the province of Batangas, Philippines. According to the 2000 census, it has a population of 72,604 people in 15,353 households. . The ceremony, which will include attendance by Philippines President Fidel V. Ramos Fidel Valdez Ramos (born March 18, 1928) was the 12th President of the Philippines. He succeeded Corazon Aquino and governed until 1998, when he was succeeded by Joseph Estrada. He was the first and only (to date) non-Roman Catholic president. , is scheduled for May 23. Hosting the opening will be F. Quinn Stepan, Stepan Company Stepan Company (NYSE: SCL) is a manufacturer of specialty chemicals headquartered in Northfield, Illinois. The company was founded in 1932 by Alfred C. Stepan, Jr. and has approximately 1,500 employees. chairman and president, and Tirso D. Antiporda Jr., chairman of Coconut Industry Investment Fund Group and Stepan Philippines Inc. The plant, with a capacity of 40,000 metric tons, will produce coconut fatty alcohol-based surfactants, primarily for the laundry soap and detergent and personal care industries. The joint venture was designed to unite Stepan, a leading merchant manufacturer of surfactants, and Cocochem, a world scale supplier of cocnut fatty alcohol fatty alcohol n. Any of various alcohols derived from plant or animal oils and fats and used in plastics and pharmaceuticals. . In fact, the fatty alcohol will be supplied via pipeline directly from the Cocochem plant on an adjacent site. ``The primary market for the surfactants will be local,'' said Stepan, ``but the plant also will sell selected products around the world. This is an important step for Stepan Company in its globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation efforts. We intend to establish manufacturing locations, sales offices and product development laboratories that produce products with the same high quality standards and service overseas that our customers expect from us in the United States. We have always been a leader in sulfonation technology; we developed the first SO3 falling film sulfonation technology in the 1960s and we have led the industry since that time.'' ``A joint venture was clearly the right move,'' said Antiporda, ``as it secured a market for the Coconut Industry Investment Fund Group's existing products, and gave it access to the latest technology in producing higher quality new generation surfactants. Teaming up with Stepan brought us closer to realizing our corporate mission of leading in the national effort to increase the downstream use of coconut oil and contribute to worldwide efforts to produce environmentally friendly and higher value-added products.'' The Philippines plant, on seven acres of land, is located 60 miles south of Manila on the north shore of Batangas Bay, a deep sea port allowing for direct loading of product into tankers for shipment around the world. The plant will use the latest sulfonation and sulfation technology available, including the first computerized sulfation operation of its kind in the Philippines. The plant takes advantage of the latest in environmental technology and has its own waste water treatment plant on site. Stepan Co., headquartered in Northfield, Ill., is a leading producer of specialty and intermediate chemicals used in household, industrial, personal care, agricultural, food and insulation related products. The common and convertible preferred stocks Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". are traded on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Chicago Stock Exchanges Chicago Stock Exchange (CHX) A major exchange trading only stocks, with 90% of trades taking place on an automated execution system, called MAX. under the symbols SCL (1) (Switch-to-Computer Link) Refers to applications that integrate the computer through the PBX. See switch-to-computer. (2) A file extension used for ColoRIX bitmapped graphics file format (640x400 256 colors). (language) SCL - 1. and SCLPR. CONTACT: Stepan Co. Joan M. Kusher, 847-446-7500 |
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