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WEST PATERSON, NJ - Cytec Industries Inc. announced a definitive agreement to purchase the Surface Specialties business of UCB Group in a cash and stock deal valued at 1.5 billion euros, or approximately $1.8 billion.
Cytec said the acquisition would significantly expand its coatings-resins and additives product portfolio. Completion of the transaction is anticipated by Dec. 31, pending regulatory review.
Cytec said it would operate the Surface Specialties business as a separate segment, and said its existing Coating and Specialty Additives and Performance Chemicals product lines would be integrated into the new segment.
In conjunction with the acquisition, Cytec said it plans to divest Surface Specialties' amino resin product line in 2005.
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