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Jodi Allen (Investor Relations)
(973) 357-3283
Cytec Acquires Manufacturing
Assets in India
Supports the Growth of the In Process Separation Business
Woodland Park, New Jersey, April 2, 2012 – Cytec Industries Inc.
(NYSE:CYT) today announced that it has completed the acquisition
of the manufacturing assets of Star Orechem International
Private Limited (SOIL), in Nagpur, Central India in a cash
transaction for a total 1,848,250,000 Indian Rupees or $37
million US Dollars at current exchange rate. The amount is
subject to normal and customary adjustments. The acquisition
will increase Cytec’s global capacity for its metal extraction
product line by approximately 25% and provides the ability to
further expand production at the site.
“This acquisition enables us to meet the strong growth we are
seeing for our extractant products coming from increased use of
this technology in both new copper mining projects as well as
existing properties,” said Shane Fleming, Chairman, President
and CEO of Cytec. “The acquisition expands our global
manufacturing footprint for the In Process Separation business,
providing us with a more direct supply chain line to better
serve our mining customers in Africa and the Asia Pacific
region. Consistent with our goal of creating value for our
shareholders, we remain focused on strengthening all of our
growth platforms.”
The acquired operations will manufacture Cytec’s ACORGAŽ solvent
extractant products and will also continue to supply solvent
extractant products for SOIL’s distribution operations and
supply obligations. The employees at the manufacturing site will
transfer to Cytec. Manufacturing and product qualification will
begin immediately and will contribute to the segment’s expected
double digit sales growth in 2012 and beyond.
Cytec’s In Process Separation business is a pioneer in
developing innovative technologies as well as new formulations
tailored for specific applications to separate desired minerals
from complex orebodies. Cytec has a leading position in the
metal processing industry, particularly in copper and associated
base and precious metals.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained
herein, statements contained in this release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Achieving the results
described in these statements involves a number of risks,
uncertainties and other factors that could cause actual results
to differ materially, as discussed in Cytec’s filings with the
Securities and Exchange Commission.
About Cytec
Cytec’s vision is to deliver specialty chemical and material
technologies beyond our customers’ imagination. Our focus on
innovation, advanced technology and application expertise
enables us to develop, manufacture and sell products that change
the way our customers do business. Our pioneering products
perform specific and important functions for our customers,
enabling them to offer innovative solutions to the industries
that they serve. Our products serve a diverse range of end
markets including aerospace composites, structural adhesives,
automotive and industrial coatings, electronics, inks, mining
and plastics.
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