Cytec to Acquire Laporte Mining Chemicals Business.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)--Aug. 4, 1999-- 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) today announced that it had signed a definitive agreement for the acquistion of Inspec Mining Chemical (IMC (Internet Mail Consortium, Santa Cruz, CA, www.imc.org) An industry trade association founded in 1996 by Paul Hoffman and Dave Crocker that promotes Internet e-mail standards and features. ), a manufacturer of specialty mining chemicals from Laporte PLC (London) for approximately $25 million. The acquisition is subject to normal closing conditions. IMC has two manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. , as well as an R&D center, all in Chile. Annual sales in 1998 were approximately $16 million, primarily to the copper industry. "This acquisition continues our strategy of investing in the growth of our core businesses, " said David Lilley, Chairman, President and Chief Executive Officer. "We expect IMC to be accretive to earnings per share in our first year of ownership." "This business will be part of Cytec's Mining Chemical business along with two other recent acquisitions, Nottingham's industrial minerals product line and the Oreprep mineral processing business. These three acquisitions broaden the range of product and process technologies for our customers in this key area. We will also achieve snyergies in manufacturing, sales and administration," Lilley added. IMC's strategic manufacturing and research base in Chilie provides the service and support capabilities to meet the strong projected market growth in one of the world's largest copper-producing regions and further enhances our global leadership in mining chemicals." Company Profile Cytec Industries Inc. is a specialty chemicals and materials technology company with 1998 sales of $1.4 billion and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $2.68. Its growth strategies are based on developing technologically advanced customer solutions for global markets including: aerospace, plastics, industrial coatings, mining, paper and water treatment industries. Cytec is in the S&P Mid-cap 400 index. |
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