24 June 2005
24 June 2005
Cytec Industries has reached an agreement to sell its Surface Specialties Amino Resins business to affiliates of INEOS Group Limited for net cash consideration of €64 million.
Completion of the transaction is subject to receipt of approval from the Federal Trade Commission (the FTC), the European Commission (the EC), the receipt of other regulatory approvals and other customary closing conditions.
The proposed sale is made pursuant to Cytec’s commitments under orders by the FTC and the EC to divest Surface Specialties Amino Resins (SSAR) following Cytec’s acquisition of the Surface Specialties business earlier this year. Net proceeds from the sale will be used to reduce debt incurred to fund the acquisition of Surface Specialties.
The SSAR business is a leading producer of amino resins and includes manufacturing facilities in both Germany and the United States.
David Lilley, Chairman, President and Chief Executive Officer of Cytec commented, “The sale of the Surface Specialties Amino Resins business will complete our commitment to regulators in both the U.S. and Europe concerning our acquisition of the Surface Specialties business earlier this year. We believe SSAR will be a strong addition to INEOS’ existing portfolio of world class chemical assets and we wish INEOS and the employees of SSAR well.”