21 June 2005 16:29 [Source: ICIS news]
HOUSTON (CNI)--Cytec Industries said Tuesday it will sell its surface specialties amino resins (SSAR) business to affiliates of UK-headquartered Ineos for $78m (Euro64m).
Cytec said the proposed sale is being made under orders by the US Federal Trade Commission (FTC) and the European Commission (EC) to divest SSAR following Cytec's acquisition of a surface specialties business from Belgian biopharmaceuticals and specialty chemicals group UCB earlier this year.
Cytec said net proceeds from the sale will be used to reduce debt incurred to fund the $1.8bn acquisition of UCB’s surface specialties.
The SSAR business is a leading producer of amino resins and includes manufacturing facilities in ?xml:namespace>
Cytec chairman and chief executive David Lilley said: “The sale of the surface specialties amino resins business will complete our commitment to regulators in both the
West Paterson, New Jersey-based Cytec is a specialty chemicals and materials technology company with sales in 2004, including the surface specialties acquisition, of about $3bn.
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