Cytec Completes Sale of Building Block Chemicals Business
March 2, 2011
WOODLAND PARK, NJ - Cytec Industries Inc. has completed the previously announced sale of its Building Block Chemicals business to an affiliate of H.I.G. Capital LLC for approximately $180 million, which includes a six-year note for $15 million. The total consideration is subject to post-closing adjustments for final working capital. The total after-tax proceeds of the transaction are expected to be approximately $140 million, which includes the aforementioned note for $15 million. The companies have also entered into long-term supply agreements for melamine and acrylonitrile.