The epoxy-functional polyether component can be produced by reacting (a) a carboxylic acid having the formula: ##STR4## wherein R1 is a C1 -C15 alkyl, aryl or alkylaryl group and X and Y are independently hydrogen, methyl or ethyl groups with the provision that if X is methyl or ethyl, Y is hydrogen or if Y is methyl or ethyl, X is hydrogen and n and m are real numbers defined above, and (b) an ep