Dec. 2, 2015, 9:03 AM
- The European Commission has approved Belgian chemical group Solvay's (OTCPK:SVYZY) planned $5.5B purchase of Cytec Industries (NYSE:CYT).
- The decision is conditional on Solvay divesting activities in phosphor-based solvent extraction, used in the mining sector to separate cobalt from nickel.
- Previously: Solvay to buy Cytec (Jul. 29 2015)
Jul. 29, 2015, 3:01 AM
- Belgian chemical group Solvay (OTCPK:SVYZY) has agreed to buy Cytec Industries (NYSE:CYT) for $6.4B, including debt, to become the world's second-largest maker of aerospace composite materials.
- The Belgian group will finance the transaction with a €1.5B ($1.66B) rights issue, €1B of hybrid instruments and a senior debt issue.
Oct. 9, 2012, 7:54 AM
Cytec Industries (CYT) agrees to sell its coating resins business to P-E firm Advent for $1.03B and $118M in liabilities, having started the sales process in May following declining demand in Europe and increasing costs. The unit, which includes varnishes and specialty paints, contributed half of Cytec's 2011 revenues of $3B. (PR)| Oct. 9, 2012, 7:54 AM
Aug. 24, 2012, 5:21 PMSeveral bidders have emerged for Cytec's (CYT +2.2%) coating-resin business, which the company put on the block in May and which could fetch $1.3B, WSJ reports. Among those said to be eyeing the business are PE firms Advent, Apollo Global (APO) and Blackstone (BX). Shares popped just before the close on the news. | Aug. 24, 2012, 5:21 PM
May 21, 2012, 8:30 AM
Cytec Industries (CYT) begins the process of selling its coating resins business and hopes to complete a deal by the end of 2012. The unit is having a tough time because of weakness in housing and manufacturing, particularly in Europe, although coating products accounted for half of Cytec's 2011 revenues.| May 21, 2012, 8:30 AM
Apr. 12, 2012, 11:46 AM