Cytec completes sale of Building Block Chemicals business to H.I.G. affiliate for about US$180M; both parties also enter into long-term supply agreements for melamine, acrylonitrile
WOODLAND PARK, New Jersey
February 28, 2011
– Cytec Industries Inc. (NYSE:CYT) announced today 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.
Cytec Corporate Profile
Cytec’s vision is to deliver specialty chemical and material technologies beyond our customers’ imagination. Our focus on innovation, advanced technology and application expertise enables us 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.