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.
Corporate Profile
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.
Source:
Cytec Industries Inc.
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