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Cytec Industries Inc. (NYSE:CYT) announced today that it has completed the previously announced sale of its Building Block Chemicals business to an affiliate of H.I.G. Capital, LLC for approximately $180 million which includes a 6 year Note for $15 million. The total consideration is subject to post closing adjustments for final working capital. The total after-tax proceeds of the transaction are expected to be approximately $140 million which includes the aforementioned Note for $15 million. The companies have also entered into long-term supply agreements for melamine and acrylonitrile.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Achieving the results described in these statements involves a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in Cytec’s filings with the Securities and Exchange Commission.
Cytec Corporate Profile
Cytec’s vision is to deliver specialty chemical and material technologies beyond our customers’ imagination. Our focus on innovation, advanced technology and application expertise enables us to develop, manufacture and sell products that change the way our customers do business. Our pioneering products perform specific and important functions for our customers, enabling them to offer innovative solutions to the industries that they serve. Our products serve a diverse range of end markets including aerospace composites, structural adhesives, automotive and industrial coatings, electronics, inks, mining and plastics.