Cytec Announces Agreement To Sell Building Block Chemicals Business
The effect of the new supply agreements at market pricing, and actions by the Company to offset its impact have been included in Cytec’s recently issued earnings from continuing operations guidance for 2011.
Mr. Fleming added, “This transaction moves us forward on our strategy of having a greater portion of our portfolio oriented towards specialty growth businesses and allows us to increase our focus on driving organic growth plus pursue potential bolt-on or technology acquisitions in our growth platforms.”
About HIG Capital, LLC
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. For more information, please contact Rick Rosen at (305) 379-2322 or refer to the H.I.G. website at www.higcapital.comUse of Non-GAAP Measures Management believes that net earnings excluding special items and diluted earnings per share excluding special items, which are non-GAAP measurements, are meaningful to investors because they provide a view of the Company with respect to ongoing operating results. Special items represent significant charges or credits that are important to an understanding of the Company’s overall operating results in the period presented. Such non-GAAP measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. A reconciliation of GAAP to non-GAAP measurements can be found at the end of this release.
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