Cytec Completes Acquisition Of UCB's Surface Specialties Business
UCB now owns approximately 12.5% of the outstanding shares of Cytec, and has entered into a stockholders agreement that provides for UCB to reduce its stake within five years, and contains other customary terms and conditions. The cash portion of the acquisition cost was financed utilizing the credit facilities recently announced by the company.
In conjunction with this transaction, Cytec has agreed to divest Surface Specialties' amino resin product line during 2005, and to use the proceeds to reduce debt. Sales of Surface Specialties' amino resin product line in 2004 were approximately euro 123 million.