Cytec to sell two of its product lines to Kemira

Citation

(2007), "Cytec to sell two of its product lines to Kemira", Pigment & Resin Technology, Vol. 36 No. 1. https://doi.org/10.1108/prt.2007.12936aab.012

Cytec to sell two of its product lines to Kemira

Cytec to sell two of its product lines to Kemira

Cytec Industries has reached an agreement to sell its water treatment chemicals and acrylamide product lines with estimated 2006 sales of approx. $300 million, to Kemira Group for approx. $240 million cash. The closing of the sale is expected in two phases. The first phase, which includes the entire product lines excluding Cytec's Botlek manufacturing site in The Netherlands, is expected to close by the end of September, 2006. The second phase for the Botlek site is expected to close in early 2007. Included in this transaction are the sales, marketing, manufacturing, R&D and technical services personnel and four manufacturing sites. Also included in the sale is the acrylamide manufacturing plant at Cytec's Fortier, Louisiana facility. Kemira has agreed to offer employment to the approx. 480 employees.