01 June 2005 15:16 [Source: ICIS news]
HOUSTON (CNI)--Specialty chemicals maker Cytec Industries said Wednesday it has completed the $95m (Euro77.9m) cash sale of its 50% interest in joint venture Cyro Industries to partner Degussa Specialty Polymers.
West Paterson, New Jersey-based Cytec said the final sales price is subject to closing adjustments.
In a statement, Cytec said the transaction is consistent with the company's plan to pay down debt after its recent acquisition of the surface specialties business from Belgian-based UCB Group and enables Cytec “to focus greater attention to core assets.”
Specialty chemicals producer Degussa said when the deal was announced in April that it will integrate its methacrylate activities in the Americas with Cyro’s.
The agreement includes four manufacturing sites in Wallingford, Connecticut; Fortier, Louisiana; Osceola, Arkansas and Sanford, Maine. A number of research, development and technical service centres in the US are also included.
Cytec Industries is a specialty chemicals and materials technology company with 2004 pro forma sales of about $3bn.
Germany's third-largest chemical company, Degussa is a multinational specialty chemistry firm based in Dusseldorf.
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