Cytec Signs Agreement to Acquire Dyno Industrier's 50% Interest in Dyno-Cytec 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.--(BUSINESS WIRE)--June 22, 1998--Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) confirmed today that it has signed definitive agreements with Dyno Industrier ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and , Oslo, Norway to acquire Dyno's 50% interest in Dyno-Cytec, a European joint venture, and to acquire Dyno's global amino coatings resins business. The purchase price is NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 420 million (Norwegian Kroner) or approximately US$56 million at a 7.55 exchange rate. Under the terms of the agreement the amino resins plant at Dyno's Lillestrom, Norway manufacturing site, along with manufacturing, commercial and marketing staff, will be transferred to Cytec. Dyno-Cytec produces and sells cross-linking resins for coating applications primarily in Europe, has one manufacturing facility in Norway, and has annual sales of approximately $50 million. Operating profit margins Operating profit margin The ratio of operating profit to net sales. for Dyno-Cytec are higher than for Cytec as a whole. The transaction is expected to close in the third quarter of 1998, subject to obtaining appropriate government approvals and customary closing conditions. "Coating and Resin Products is an important Cytec business," said 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 , President and Chief Executive Officer at Cytec. "It is our goal to be the premier global supplier. The consolidation of Dyno's and Cytec's amino crosslinking resources is further evidence that Cytec will support the paint and coatings industry as it continues to grow." "The chief advantage of the acquisition is that Cytec will be better able to serve the industrial coatings market globally," said Steve Demetriou, Global Vice President of Cytec's Coating and Resin Products. "This acquisition strengthens Cytec's capability to meet changing customer requirements which include a broader product offering, increased innovation and a more efficient global supply chain." 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. is a vertically integrated specialty chemical 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. company which focuses on value-added specialty products. The company develops, manufactures and markets specialty chemicals, specialty materials and building block chemicals serving a broad group of end users, including aerospace, plastics, coatings, mining, paper, water treatment, and automotive industries. A leading European resins manufacturer, Dyno Industrier ASA is a Norwegian based industrial corporation with 8,700 employees and operations in more than 40 countries.
CONTACT: Kumar Shah (analyst contact)
(973) 357-3298
George Yuro
(973) 357-3319
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