The Valence Group has successfully advised Cytec Industries, Inc. (NYSE: CYT) on the sale of its Building Block Chemicals Business , with 2010 sales of $600 million, to an affiliate of HIG Capital, LLC. Total consideration to be received of $180 million includes cash consideration of $165 million at closing and a Note for $15 million. The sale is subject to customary closing conditions.
The Building Block Chemicals product lines include acrylonitrile, sulfuric acid and melamine which are produced mostly for third party sale.
Telly Zachariades, Partner added: Working with a leading global specialty chemical company like Cytec is extremely gratifying. This is a significant transaction in the development of The Valence Group and evidence of our continuing increase in stature and market presence in the industry.
Cytec Industries, Inc. (NYSE: CYT) is a publicly traded specialty chemical and material technologies company serving a diverse range of end markets including aerospace composites, structural adhesives, automotive and industrial coatings, chemical intermediates, electronics, inks, mining and plastics.