Chemical Week Magazine :: Business & Finance :: United States/Americas
Cytec sells distribution product line, reorganizes production facilities
11:15 AM MDT | July 26, 2013 | —Vincent Valk
Cytec has sold its industrial materials distribution product line to Cathay Investments (West Sussex, UK) for Â£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 Cytecâ€™s sales and earnings guidance. Cytec also announced that it is shutting down a Chinese process materials joint venture and consolidating manufacturing sites in the United States. The...
This information is only available to Chemical Week subscribers.
Forgot your user ID or password?
Not an IHS Chemical Week member yet?
Here's why you should be:
100% Satisfaction Guarantee