Cytec Industries has completed its $1.797 billion acquisition of UCB's Surface Specialties business. UCB now owns approximately 12.5 per cent of the outstanding shares of Cytec, and has entered into a stockholders agreement that provides for UCB to reduce its stake within five years.
In conjunction with this transaction, Cytec has agreed to divest Surface Specialties' amino resin product line during 2005, and to use the proceeds to reduce debt. Sales of the amino resin product line in 2004 were approximately €123M.
David Lilley, Cytec chairman, president and ceo comments: "With this acquisition, Cytec becomes one of the world's leading suppliers of speciality chemicals to the coatings industry. It provides us with a sustainable growth platform with potentially above-average growth rates, and expands our technology base and our geographic capabilities."
Cytec will operate the acquired business as a separate segment, with headquarters in Brussels, and integrate the existing Coating and Performance Chemicals product lines into it. Ben Van Assche, formerly director-general of Surface Specialties, has been named president of Cytec Surface Specialties.
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