Cytec Completes Acquisition Of UCB's Surface Specialties Business
WEST PATERSON, N.J. - Cytec Industries Inc. has completed its previously announced acquisition of UCB's Surface Specialties business. The transaction is valued at $1.797 billion.
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.