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Cytec Completes Sale of Surface Specialties Amino Resins Business

Published on 2005-09-01. Author : SpecialChem

WEST PATERSON, New Jersey -- Cytec Industries Inc. (NYSE:CYT) said that it has completed the previously announced sale of its Surface Specialties Amino Resins Business ("SSAR") to affiliates of INEOS Group Limited ("INEOS") for cash consideration of euro 64 million ($78 million @ $1.22 euro) subject to certain customary closing adjustments. This completes Cytec's commitments under orders from the FTC and EC to divest SSAR following Cytec's acquisition of the Surface Specialties business earlier this year. Net proceeds of the sale will be used to reduce debt incurred to fund the Surface Specialties acquisition.

Corporate Profile

Cytec Industries Inc. 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.

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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