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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...
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