Cytec Completes Dissolution of JV with Mitsui Chemicals - Obtains 100% of Coatings Business.
WEST PATERSON, N.J.--(BUSINESS WIRE)--Oct. 3, 2003
Cytec Industries Inc. (NYSE: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" 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 Industries is a specialty chemicals 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.
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|Date:||Oct 3, 2003|
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