are our operating our efficient shareholder and We vectors resources our committed creation. is creation These within principles through slides value value priorities to growth allocation and greater markets, believe strategic for to we core productivity increase strategy for to properly growth describe shareholders. delivering of attractive aligned
will our always at of customers innovation. remain center Our the and strategy
the products to longstanding at and the and customers scale they value ability our tier deliver manufacture Our X quality technical need. capacity
and tier We continue to value our our diversify to the customers tier X Stepan who highly base technical and by that support can expanding provide. customer global services X reach
customers are operations happy product future, transition more to and we technical on journey them. on make portfolio a sustainable helping towards Our increasingly be this their focused with our are
applications of Our higher centers products functionality Surfactants important strategy our and benefits industrial growth in around applications. where bring diversification into continued margin
advancement Technology future. role surfactants in playing customers' a market progressing at formulation we expertise an and agricultural our pace, the integral rapid see within and is
grow investment at which Texas, foundation our Our volumes specialty line, rates. alkoxylation double-digit non-ionic product new Pasadena, the continues is in to of
remain we with year's market pleased PerformanX's last brought business the has and expansion customers acquisition of to addition, In of that Stepan.
energy a and critical of to world. Insulation sustainable enablers remains the one most more efficient
on Our generation increase developing that and of the performance the cost our to focus next can rigid energy customers' Polymers polyol technologies efficiency continues business products. insulation
as We market are foam growth on diversification polyol. it the attractive offers Stepan's also spray for and focused
of care end chemicals, remains first identified rhamnolipids, markets, family bio-based Fermentation unique and an evaluations for in bio-based platform consumer important have oilfield. various product based delivering formulation underway personal performance advantages offering. new fermentation uses and Customer business. for opportunities markets including our Surfactant exciting agricultural opportunity and future new are We cleaning, our we product range several has in expanding an significant this believe product
may for to data are transparent network of and Controlling to supply activities. gains expanded enabling a benefit first inefficiencies costs teams priority third-party management Manufacturing pressure. prolonged production while are measures broader we excellence must productivity quarter and creation. optimizing view reducing identify the offset across and Successful from model chain. deliver services, more gains delivering productivity strengthened of our other headcount, part what our travel elevated eliminating cost initiatives being are a across operating be and deliver Improved inflationary areas controlling value included value greater our and to analytics
elevated prior full our hold is essentially year. We to Pasadena, continued to despite expenses on year new our dioxane fermentation. X,X from to growth including expenses and inflation cost and across are investments expenses targeting cash activities pre-startup XXXX related low base pressure This flat
recognition of the XXth XXXX With elevating within and team safety in again top our We as are having Stepan program. the progress rating to best we Daily's Investors are we percentile of once our safety our its Companies proud list gold proud industry. on year and chemical We the the the priority, record. last the number specialty have as recognized on achieved of were year ES&G sector we received Business our most Best from ESG one EcoVadis,
We soon. will sustainability publish our XXXX report
allocation. safe reached infrastructure which for for in approach expected to a growth is will we spending should continue secure Capital growth. year, with last record $XXX base million and operations. reliable continued capital capability required meet EH&S capability and enhancements Finally, capacity Capital needed efficient reinvestment long-term disciplined and projects and an to the for
XX consecutive dividends shareholders paid our Returning core the element years. shareholder dividend increased total via for to strategy, a return having cash and of is
sheet, growth finally, balance of the our our priority. a And and given acquisition align remain opportunities diversification that strategy strength with
new and is strategic our and growth strategically across alkoxylate tons end annual and capability and XX,XXX growth including institutional cleaning. for household of long oilfield, located capacity provide capacity construction a alkoxylation markets, construction approximately per has XX% and Moving construction approximately Texas, will term specialty alkoxylation to be in This agriculture, production slide of year an will with state-of-the-art hours flexible complete injury. multi-reactor facility, surpassed XXX,XXX facility asset Pasadena, XX, on our without
We the plant fall to in start expect XXXX. half the of up
The strong margins. that underlining at alkoxylation business at supports double-digit volume Pasadena attractive continues investment and the growth
North sulfates you capability network the As to American capacity completion new second meet increasing end with that regulatory X,X and produce the are quarter. dioxane ether limits know, by on of expected we
with and of investments, some startup afford the learnings have challenges we had delays we While of initial associated key commissioning and believe remaining the new will startup efficient the installations.
startup second drive New half growth in XXXX. asset quarter contracted volume associated of the second with the volume should
Once our will market, capacity beyond. in business and largest production American enable grow the maintain sulfonation serving the Stepan X,X and will to American installed North which completed, low dioxane XXXX Stepan have North merchant
execution, strategic growth of markets. areas, customer our targeted progress have I programs several of our in within closing, sustainability our continued progressing the and diversification delivering am In project and our proud including innovation base use capital teams and end made
depressed Looking with remain will inventory throughout second volumes markets we the believe demand as to forward, forward continue channel. reconcile levels quarter
low We modest new expect year in and growth of polyols, second business half driven comparable rigid volumes volume surfactant contracted associated a demand base. by in for the growth recovery with
to continue programs. costs execute productivity We actively control our and will
balance Our are are initiatives we healthy, advancing innovation remains strategic committed our instrumental growth. sheet that and to and to long-term our
today's of call would review time, the over for questions. concludes question instructions our At prepared this to we Michelle, turn like This please call. the for the portion remarks.
