Degussa buys out partner in polymer joint venture
Mon Apr 25, 2005 08:58 AM ET
FRANKFURT, April 25 (Reuters) - German specialty chemicals group Degussa is buying the stake of its partner, Cytec Industries, in specialty polymers joint venture CYRO Industries for $95 million, it said in a statement on Monday.
Degussa said it planned to bring CYRO together with its methacrylate business in North and South America after the acquisition.
The deal includes four manufacturing sites in Connecticut, Louisiana, Osceola and Sanford, it added. The businesses being acquired bring some 680 staff.
Degussa's specialty polymers business generated sales of around 1.4 billion euros ($1.8 billion) in 2004. It is a leading producer of methylmethacrylates, a chemical used in making acrylic fibres, paints and paper.
Degussa shares were flat at 33 euros at 1246 GMT, in line with the mid-cap MDAX .
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