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:: Cytec Completes Acquisition of Avecia's Mining Extractant Products and Intermediates & Stabilizers Businesses
Cytec Industries Inc. has announced that it has completed its previously announced acquisition of substantially all of the assets and liabilities of the Metal Extractant Products (MEP) and Intermediate & Stabilizers (I&S) businesses of Avecia Investments Limited for approximately $97 million in cash. The MEP and I&S businesses had 2002 sales of approximately $29 million and $36 million, respectively.
David Lilley, Chairman, President and Chief Executive Officer commented, "We are pleased to add these high quality businesses to our Specialty Chemical franchises. The MEP business broadens our product line for the mining industry with differentiated technology while the I&S business broadens our customer base, adds new technologies and manufacturing skills. Our integration team is ready and the transition is well underway. I welcome all the new employees to the Cytec team."
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