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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.
Source : Cytec Industries Inc.