WEST PATERSON, NJ - Cytec Industries Inc. announced agreements with Mitsui Chemicals Inc. in which Cytec will acquire 100% of the two companies' ownership interests in the Mitsui-Cytec Ltd. joint venture.

When completed, the transaction will give Cytec complete ownership of the joint venture's coatings-resins business, which includes a manufacturing facility in Shimonoseki, Japan. The transaction is subject to regulatory approvals; terms were not disclosed.

Cytec Chairman, President and CEO David Lilley said the acquisition is "consistent with our strategic growth plans for our platform businesses." He said the company anticipates "continuing growth of this business in Asia and especially in the important Japanese market, where Mitsui and Cytec have done so well."