Cytec Completes Second Phase of Sale of Two Product Lines.Water Treatment Chemicals and Acrylamide acrylamide /acryl·a·mide/ (ah-kril´ah-mid) a vinyl monomer used in the production of polymers with many industrial and research uses; the monomeric form is a neurotoxin. 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 second of three phases of the sale of its global water treatment chemicals and acrylamide product lines to Kemira Group. The first phase closing included the entire product lines with the exception of Cytec's Botlek manufacturing site in the Netherlands and certain assets at various subsidiaries in Asia/Pacific and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . This second phase completes the transfer of the Botlek site in the Netherlands to Kemira and adds approximately $21 million proceeds to the $208 million received for the first phase closing in October 2006. In conjunction with the completion of this second phase, Kemira and Cytec have entered into a long term manufacturing agreement where Kemira will continue to manufacture certain products for Cytec at the Botlek site. An estimated $12 million is expected upon completion of the transfer of the assets at the various subsidiaries for an estimated total of $241 million. The remaining closings are subject to certain conditions and the amount could change due to final working capital transferred. David Lilley David William Lilley (born 31 October 1977, in Bellshill) is a Scottish professional footballer currently playing for Scottish Premier League club Kilmarnock. Lilley, a defender began his career at Queen of the South and had spells with Aberdeen, Ross County (on loan) and , Chairman, President and Chief Executive Officer, said, "I want to thank the Botlek employees for their hard work through this transition period and we wish them and Kemira well." 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. Corporate Profile Cytec Industries Inc. is a global specialty chemicals and materials company focused on developing, manufacturing and selling value-added products. Our products serve a diverse range of end markets including aerospace, adhesives, automotive and industrial coatings, chemical intermediates, inks, mining and plastics. We use our technology and application development expertise to create chemical and material solutions that are formulated to perform specific and important functions in the finished products of our customers. |
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