Cytec agrees to sell acrylic fibers business to Sterling Chemicals.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)--Dec. 23, 1996--Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) announced today that it has signed definitive agreements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the sale of its acrylic fibers business to a subsidiary of Sterling Chemicals, Inc. of Houston. The transaction is anticipated to close in the first quarter of 1997 after obtaining appropriate government approvals and completion of certain other items. The assets to be transferred to Sterling include Cytec's plant located near Pensacola, Fla. where most of the approximately 300 employees in the business are located. Cytec's acrylic fibers business will have sales of approximately $140 million in 1996 and is one of two acrylic fibers manufacturers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Cytec will continue to supply acrylonitrile acrylonitrile /ac·ry·lo·ni·trile/ (ak?ri-lo-ni´tril) a colorless halogenated hydrocarbon used in the making of plastics and as a pesticide; its vapors are irritant to the respiratory tract and eyes, may cause systemic poisoning, and are to the business through the continuation of a long-term supply agreement. Financial terms of the divestiture have not been disclosed. "The divestiture is consistent with Cytec's strategy to concentrate on value-added, technology-intensive specialty chemicals," said Darryl D. Fry, Cytec's chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . He added: "We believe that the acrylic fibers business will continue to prosper under its very capable management team and new ownership. We thank them for their contributions to Cytec and wish them much success in the future." Cytec Industries Inc. is a vertically integrated industrial chemical 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 the water treatment, paper, mining, coatings, plastics, aerospace, textile and automotive industries. CONTACT: Kumar Shah (analyst contact) 201/357-3298 or George Yuro, 201/357-3319 |
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