Cytec to Sell Its Share of CYRO Industries 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. -- 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) said today that it has reached a definitive agreement to sell its 50% partnership in CYRO Industries to its joint venture partner Degussa Specialty Polymers, a company of Degussa AG, for cash consideration of $95 million. The completion of the transaction is subject to customary closing conditions. "This joint venture began in 1976 and has created value for both shareholders. However over the last few years the strategic interest of the partners has changed. The sale of our partnership interest in CYRO enables Cytec to focus greater attention to the growth of our core businesses, while letting our partner devote their resources to the growth of CYRO." said Chairman, President and Chief Executive Officer Mr. 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 . "Our relationship as a supplier of high quality intermediate products to CYRO will not change after this transaction is completed and we wish Degussa and all the employees of CYRO well in their future endeavors." James P. Cronin, Executive Vice President and Chief Financial Officer added, "This transaction makes strategic sense for both parties and is consistent with our plan to pay down debt after the recent acquisition of the Surface Specialties business. We expect the estimated proceeds of this transaction to essentially recover the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of our investment in CYRO." Corporate Profile Cytec Industries Inc. is a specialty chemicals and materials technology company with pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma sales in 2004, including the Surface Specialties acquisition, of approximately $3.0 billion. Its growth strategies are based on developing technologically advanced customer solutions for global markets including aerospace, coatings, mining, plastics and water treatment. 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. For more information about Cytec, go to www.cytec.com or contact us at 5 Garret Mountain Plaza, West Paterson, NJ 07424. |
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