Cytec completes sale of Surface Specialties amino resin business

Sept. 1, 2005
Cytec Industries Inc. has completed the previously announced sale of its Surface Specialties Amino Resins Business (SSAR) to affiliates of INEOS Group Limited for cash consideration of EUR 64 million ($78 million @ $1.22/EUR) subject to certain customary closing adjustments...

WEST PATERSON, NJ, Sept. 1, 2005 (BUSINESS WIRE) -- Cytec Industries Inc. has completed the previously announced sale of its Surface Specialties Amino Resins Business (SSAR) to affiliates of INEOS Group Limited for cash consideration of EUR 64 million ($78 million @ $1.22/EUR) subject to certain customary closing adjustments.

This completes Cytec's commitments under orders from the FTC and EC to divest SSAR following Cytec's acquisition of the Surface Specialties business earlier this year. Net proceeds of the sale will be used to reduce debt incurred to fund the Surface Specialties acquisition.

Cytec Industries Inc. (www.cytec.com), of West Paterson, N.J., is a specialty chemicals and materials technology company with pro forma sales in 2004, including the Surface Specialties acquisition, of approximately $3.0 billion. Its growth strategies are based on developing technologically advanced customer solutions for global markets including aerospace, coatings, mining, plastics and water treatment.

###

Sponsored Recommendations

ArmorBlock 5000: Boost Automation Efficiency

April 25, 2024
Discover the transformative benefits of leveraging a scalable On-Machine I/O to improve flexibility, enhance reliability and streamline operations.

Rising Cyber Threats and the Impact on Risk and Resiliency Operations

April 25, 2024
The world of manufacturing is changing, and Generative AI is one of the many change agents. The 2024 State of Smart Manufacturing Report takes a deep dive into how Generative ...

State of Smart Manufacturing Report Series

April 25, 2024
The world of manufacturing is changing, and Generative AI is one of the many change agents. The 2024 State of Smart Manufacturing Report takes a deep dive into how Generative ...

SmartSights WIN-911 Alarm Notification Software Enables Faster Response

March 15, 2024
Alarm notification software enables faster response for customers, keeping production on track