Degussa acquires ownership of CYRO from joint venture partner Cytec
Degussa AG, announced the signing of an agreement to acquire Cytec Industries Inc.'s 50 percent holding in CYRO Industries, a joint venture established in 1976 between Degussa and Cytec. The sales price amounts to 95 million US dollars (74 million euros).
Degussa's methacrylate activities will be combined with CYRO's activities in the Americas following closing. Degussa expects a smooth and rapid transition of CYRO's business into Degussa's operations based on their existing close working relationship.
As a result of this transaction, Degussa will consolidate its position as a leading global supplier of methylmethacrylates (MMA), specialty monomers and polymers. The agreement includes four manufacturing facilities in Wallingford (Connecticut), Fortier(Louisiana), Osceola (Arkansas), Sanford (Maine), research and development assets, and sales and technical service locations in North America. The business being acquired includes about 680 CYRO personnel.
Degussa views the acquisition as an exciting opportunity to position the Group for growth in innovative segments of the acrylic sheet market. In this way, Degussa will be able to establish a world class platform to supply the North and South American markets with specialty products such as functional (antigraffitti) sheets and newly designed sound barrier systems.
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