Cytec completes sale of Surface Specialties amino resin business

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.

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