Cytec and Mitsui Chemicals Agree to End JV; Cytec to Obtain 100% of Coatings Business.Business Editors 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 27, 2003 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 the signing of definitive agreements with Mitsui Chemicals Inc. (Mitsui) concerning the companies' interests in the Mitsui-Cytec Ltd. joint venture (JV). After the transactions are completed, Cytec will own 100% of the JV's existing coating resins resins, n.pl complex, insoluble, sticky substances secreted by plants. Used as astringents, antimicrobials, and antiinflammatories, and are burned as incense. Can cause oral ulcers and epidermal irritations. business which includes a manufacturing facility in Shimonoseki, Japan, and certain technology rights associated with the water treating business in most of Asia. Mitsui will own 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 was attributable to the coating resin business to be owned by Cytec. The transaction is subject to obtaining normal regulatory approvals and other customary closing conditions. Terms were not disclosed. 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 commented, "This acquisition is consistent with our strategic growth plans for our platform businesses. Cytec and Mitsui have enjoyed a long and successful relationship as joint venture partners and we look forward to continued excellent relations as Mitsui becomes an important supplier of raw materials and services for the resin manufacturing facility in Japan. We look forward to the continuing growth of this business in Asia and especially in the important Japanese market where Mitsui and Cytec have done so well. This acquisition will be essentially neutral to earnings per share in 2003 and we are excited about the future growth opportunities this provides us in our platform businesses." Shane Fleming, President Cytec Specialty Chemicals 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. added, "Coating resins is a global franchise business for Cytec. The Shimonoseki site is a world-class coating resins manufacturing facility with an experienced and technical workforce plus expansion capabilities to meet the rapidly increasing demand for high quality resins in the Asia-Pacific region. "In water treating we will retain the rights to practice our technology throughout most of Asia and this will provide us with increased flexibility to service our full-service global customers more effectively." Forward-Looking and Cautionary Statements Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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 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 An industrial coating is a paint or coating defined by its protective, rather than its aesthetic properties, although it can provide both. The most common use of industrial coatings is for corrosion control of steel or concrete. , mining, and water treatment. |
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