Cytec to Acquire BIP Ltd. Amino Resins Business
WEST PATERSON, NJ — Cytec Industries Inc. announced a definitive agreement to acquire the amino coating resins business of BIP Ltd. for approximately £26.5 million ($42.4 million). Under the agreement, BIP will retain its manufacturing plant in Oldbury, UK, where it will continue to manufacture certain amino coating resins for Cytec on an ongoing basis.
David Lilley, Cytec chairman, president and CEO, said the BIP acquisition — along with last year’s purchase of the remaining 50% stake in the company’s Dyno-Cytec amino resin joint venture in Norway — are “consistent with our strategic growth plan. Cytec said it is the world’s biggest producer of amino coating resins.