Cytec Industries announced today that it has reached an agreement to sell its Surface Specialties Amino Resins business (SSAR) to affiliates of INEOS for €64 million, subject to certain closing adjustments.
Completion of the transaction is subject to receipt of approval from the US Federal Trade Commission (FTC), the European Commission (EC), the receipt of other regulatory approvals and other closing conditions.
The proposed sale is made pursuant to Cytec’s commitments under orders by the FTC and the EC to divest SSAR following Cytec’s €1.5 billion acquisition of the Surface Specialties business in October 2004. Net proceeds from the sale will be used to reduce debt incurred to fund the acquisition of Surface Specialties.
The SSAR business produces amino resins and includes manufacturing facilities in