Cytec Completes Sale of CYRO Industries Joint Venture
Wednesday June 1, 7:59 am ET
WEST PATERSON, N.J.--(BUSINESS WIRE)--June 1, 2005--Cytec Industries Inc. announced today that it has completed the sale of its 50% partnership in CYRO Industries to its joint venture partner Degussa Specialty Polymers, a company of Degussa AG, for cash consideration of $95 million, subject to closing adjustments.
This action is consistent with Cytec's plan to pay down additional debt after the recent acquisition of the Surface Specialties business from the Belgian-based UCB Group. In addition, it enables the Company to focus greater attention to core assets.
Cytec Industries 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.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Achieving the results described in these statements involves a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in Cytec's filings with the Securities and Exchange Commission.
Cytec Industries Inc.
Engineering News Archive