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Cytec Industries Sells Building Block Chemicals Business to H.I.G. Capital

Editorial Checklist Reviewed
Mar 1 2011

Cytec Industries Inc. (NYSE:CYT) announced today that it 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 6 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.

Source:

http://cytec.com/

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