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People & Business :: Companies
Cytec sells distribution product line, reorganizes production facilities
12:24 PM MDT | July 15, 2013 | Vincent Valk
Cytec announced today that it has sold its industrial materials distribution product line to Cathay Investments (West Sussex, UK) for £5.5 million ($8.6 million). The business, which had about $20 million in revenue during the first five months of this year, was acquired with Umeco in 2011. A $12.5-million pretax loss is expected to result from the sale, which was has already been included in Cytec’s sales and earnings guidance. Cytec has also announced that it is shutting down a Chinese process materials joint venture and consolidating manufacturing...
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