| UPDATE | 01.08.03 |
| BUSINESS ACQUISITIONS |
Cytec Completes Acquisition of Avecia's Mining Extractant Products and Intermediates & Stabilizers Businesses Friday, 01-Aug-2003 5:40AM PDT Story from Nj Cytec Industries via BizWire Copyright 2003 by Business Wire (via ClariNet) -------------------------------------------------------------------------------- WEST PATERSON, N.J.--(BUSINESS WIRE)--Aug. 1, 2003--Cytec Industries Inc. (NYSE:CYT) announced today 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. -------------------------------------------------------------------------------- NewsVantage – The most cost effective path to dynamic and compelling content for your site! -------------------------------------------------------------------------------- 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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