Degussa AG, Dusseldorf, Germany, announced the signing of an agreement to acquire Cytec Industries Inc.’s 50 percent holding in CYRO Industries, a joint venture established in 1976 between Degussa and Cytec. The sales price amounts to $95 million (€74 million). Headquartered in Rockaway, NJ, Cyro had sales of $317 million in 2004.
Degussa’s methacrylate activities will be combined with CYRO’s activities in the Americas following closing. As a result of this transaction, Degussa will consolidate its position as a leading global supplier of methylmethacrylates (MMA), specialty monomers and polymers. The agreement includes four manufacturing facilities: Wallingford, CT; Fortier, LA; Osceola, AR; and Sanford, ME; R&D assets; and sales and technical service locations in North America. The business being acquired includes nearly 680 CYRO personnel.
“Acquiring the chemistry and range of products manufactured and distributed by CYRO is a great fit with our core portfolio,” said Utz-Hellmuth Felcht, chairman of the board of management of Degussa. “We enhance our leading market position in monomers and specialty polymers, positioning Degussa for growth both in North America and worldwide.