Cytec to Sell Surface Specialties Amino Resins Business
Cytec Industries Inc. announced that it has reached a definitive agreement to sell its Surface Specialties Amino resins business ("SSAR") to affiliates of INEOS Group Limited ("INEOS"), for net cash consideration of EUR64 million ($78 million at 1.22$/EUR), subject to certain closing adjustments. 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 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.
Other news from the department business & finance
