Stepan is a specialty and intermediate chemical manufacturer that sells chemical inputs to other manufacturers across a wide range of industries. Stepan does not sell to consumers directly. The company operates through three segments: Surfactants (~70% of revenue), Polymers (~25%), and Specialty Products (~5%). Surfactants are chemical agents used as active ingredients in consumer cleaning and personal care products (laundry detergents, shampoos, dish soaps), agricultural crop protection formulations, and industrial and oilfield applications. The Polymers segment primarily makes polyurethane polyols for rigid foam insulation used in commercial roofing and construction, as well as phthalic anhydride, a commodity chemical used in resins and plasticizers. The Specialty Products segment makes chemicals for food, nutritional supplements (notably MCT), and pharmaceutical applications — a small revenue contributor but a disproportionately high contributor to operating income. Stepan's core raw materials are petroleum- and plant-based, and the company passes through raw material cost changes to customers through pricing, though timing lags can compress or expand margins temporarily. Key profitability drivers are volume throughput, product and customer mix, and manufacturing efficiency. Stepan prioritizes higher-margin applications and smaller Tier 2/Tier 3 customers over large commodity accounts. Growth priorities include Tier 2/Tier 3 expansion, end-market diversification into agricultural and oilfield surfactants, ramping a new alkoxylation plant in Pasadena, Texas, and a restructuring program targeting ~$100M in pretax savings over two years through plant closures and footprint consolidation.