Early in the month, huge news from Indorama Ventures (owners of the old Huntsman North America Surfactants business and, of course, more recently of Oxiteno, along with legacy Old World Industries Assets). The key point is that the company’s IOD (integrated Oxides and Derivatives) business has been set up as a standalone pure-play surfactant company called Indovinya, and is ready for a spin-off / IPO. Big news, Indeed The first slug of information came in a March 4th press release, which I’ll reproduce in its entirety here. Below that, I will summarize in bullet point form, the key points from the company’s Capital Markets Day presentations on March 5th.

Stepan is the bellwether of the surfactants industry (says who? Me. I don’t believe they have ever referred to themselves that way). Bellwether – according to the OED means “the leading sheep of a flock, with a bell on its neck. Something that leads or indicates a trend. "Basildon is now the bellwether of Britain's voting behaviour". For non-UK readers, think something like Michigan or Wisconsin or some other so-called swing state. Anyway – what I’m saying is that - how Stepan does in surfactants is a good indicator of how the many private companies or subsidiaries of larger companies – in our industry are doing. Make sense? And look, you Stepanophiles, I’m not likening the company to sheep or saying they are all Basildon men (a key constituent of the great Maggie Thatcher in the 70’s). With me? Good. So Stepan released its 2023 results recently. Let’s dig in and see what’s happening.