Cytec Completes Sale of CYRO Industries Joint Venture.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. -- 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 today that it has completed the sale of its 50% partnership in CYRO Industries to its joint venture partner Degussa Specialty Polymers, a company of Degussa AG, for cash consideration of $95 million, subject to closing adjustments. This action is consistent with Cytec's plan to pay down additional debt after the recent acquisition of the Surface Specialties business from the Belgian-based UCB UCB - University of California at Berkeley Group. In addition, it enables the Company to focus greater attention to core assets. Corporate Profile Cytec Industries is a specialty chemicals and materials technology company with pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma sales in 2004, including the Surface Specialties acquisition, of approximately $3.0 billion. Its growth strategies are based on developing technologically advanced customer solutions for global markets including aerospace, coatings, mining, plastics and water treatment. 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 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. For more information about Cytec, go to www.cytec.com or contact us at 5 Garret Mountain Plaza, West Paterson, NJ 07424. |
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