Cytec Completes Dissolution of JV with Mitsui Chemicals - Obtains 100% of Coatings Business.
WEST PATERSON West Paterson (păt`ərsən), borough (1990 pop. 10,982), Passaic co., NE N.J., a suburb of Paterson; inc. 1914. Electric, electronic, and photographic products are made in the borough. , N.J.--(BUSINESS WIRE)--Oct. 3, 2003
Cytec Industries Cytec Industries is a specialty chemicals and materials technology company with pro-forma sales in 2004, including the Surface Specialties acquisition, of approximately $3.0 billion. Cytec is a result of its spin-off from American Cyanamid Company. Inc. (NYSE NYSE
See: New York Stock Exchange :CYT) announced it has completed its previously announced dissolution of Mitsui-Cytec Ltd., its joint venture (JV) with Mitsui Chemicals Inc. (Mitsui). Cytec now owns 100% of the JV's existing coatings resins business including a manufacturing facility in Shimonoseki, Japan, and certain technology rights associated with the water treating business in most of Asia. Mitsui now owns 100% of the JV's existing water treating business and the JV's water treatment manufacturing facility in Mobarra, Japan. The JV was originally formed in 1976 and total sales in 2002 were approximately $59 million, of which approximately $21 million were attributable to the coatings resins business now owned by Cytec.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Industries is a specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. and materials technology company with sales in 2002 of $1.3 billion. Its growth strategies are based on developing technologically advanced customer solutions for global markets including: aerospace, plastics, industrial coatings, mining, and water treatment.