Cytec to Sell Surface Specialties Amino Resins Business.WEST PATERSON, N.J. -- Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) ("Cytec") announced today that it has reached a definitive agreement to sell its Surface Specialties Amino Resins business ("SSAR SSAR Society for the Study of Amphibians and Reptiles (Danbury, Connecticut) SSAR Société Suisse d'Anesthésiologie et de Réanimation SSAR Suspected Serious Adverse Reaction (clinical research) ") to affiliates of INEOS INEOS AN Nesmeyanov Institute of Organoelement Compounds (Russia) Group Limited ("INEOS"), for net cash consideration of EUR EUR In currencies, this is the abbreviation for the Euro. 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. 64 million ($78 million at 1.22$/EUR), subject to certain closing adjustments. Completion of the transaction is subject to receipt of approval from the Federal Trade Commission (the "FTC FTC See Federal Trade Commission (FTC). "), the European Commission (the "EC"), the receipt of other regulatory approvals and other customary closing conditions. The proposed sale is made pursuant to Cytec's commitments under orders by the FTC and the EC to divest SSAR following Cytec's acquisition of the Surface Specialties business earlier this year. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale will be used to reduce debt incurred to fund the acquisition of Surface Specialties. The SSAR business is a leading producer of amino resins and includes manufacturing facilities in both Germany and the United States. David Lilley, Chairman, President and Chief Executive Officer of Cytec commented, "The sale of the Surface Specialties Amino Resins business will complete our commitment to regulators in both the U.S. and Europe concerning our acquisition of the Surface Specialties business earlier this year. We believe SSAR will be a strong addition to INEOS' existing portfolio of world class chemical assets and we wish INEOS and the employees of SSAR well." 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. 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. 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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