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Cytec completes sale of building block chemicals business

News International-French

4 Mar 2011

Cytec Industries Inc. announced on the 28th of February 2011 that it has completed the previously announced sale of its Building Block Chemicals business to an affiliate of H.I.G. Capital, LLC for approximately $180 million which includes a 6 year Note for $15 million.

The total consideration is subject to post closing adjustments for final working capital. The total after-tax proceeds of the transaction are expected to be approximately $140 million which includes the aforementioned Note for $15 million. The companies have also entered into long-term supply agreements for melamine and acrylonitrile.


About Cytec
Its focus on innovation, advanced technology and application expertise enables the company to develop, manufacture and sell products that change the way our customers do business. Our pioneering products perform specific and important functions for our customers, enabling them to offer innovative solutions to the industries that they serve. Our products serve a diverse range of end markets including aerospace composites, structural adhesives, automotive and industrial coatings, electronics, inks, mining and plastics

Source : Cytec Industries Inc.