UCB announced Oct. 1 that it has signed an agreement to sell its Surface Specialties business to Cytec Industries Inc. for a total amount of R1.5 billion ($1.86 billion). The sale will be submitted for approval to the relevant competition authorities and is expected to be concluded by the end of December 2004.
Through in-house innovation and the acquisition of Solutia’s coating resins, additives and adhesives activities in 2003, Surface Specialties has built a leading position in these areas. It employs approximately 2,900 people and generated (excluding Films), a turnover of R1.1 billion ($1.37 billion) in 2003.
The present organization and facilities of Surface Specialties are expected to be maintained, including the division’s worldwide headquarters in Brussels. Ben Van Assche, the current CEO of Surface Specialties, will remain in charge of the division.
Based in West Paterson, NJ, Cytec is a global technology leader in specialty chemicals and specialty materials with sales in 2003 of $1.5 billion. Its growth strategies are based on developing technologically advanced customer solutions for global markets including aerospace, industrial coatings, plastics, mining and water treatment.
Cytec Industries employs approximately 4,500 people and operates manufacturing and research facilities in 10 countries.