“DuPont has applied its expertise in polymer science to develop a set of DuPont Artistri pigment inks that provide full, production-quality crockfastness upon drying and excellent washfastness after post-heating,” said Mike Sanford, product manager, DuPont Ink Jet. “Achieving full durability with digital inks is a challenge to the industry. At DuPont, we have resolved this issue and created a revolutionary digital printing system.”
Consisting of cyan, light cyan, magenta, light magenta, yellow, black, orange and blue, the brilliantly colored, aqueous-based ink set is specifically designed for short- to medium- production runs on cotton and cotton-poly blend fabrics used in the apparel and home furnishings markets.
Cytec Industries Inc. has completed its previously announced acquisition of UCB’s Surface Specialties business. The transaction is valued at $1.797 billion, of which $1.505 billion was paid in cash and the balance was paid in shares of Cytec common stock.
In addition, there is contingent consideration earned on a pro rata basis pending the achievement of certain operating results by Surface Specialties in 2005.
UCB now owns approximately 12.5 percent of the outstanding shares of Cytec, and has entered into a stockholders agreement which provides for UCB to reduce its stake within five years, and contains other customary terms and conditions.
In conjunction with this transaction, Cytec has agreed to divest Surface Specialties’ amino resin product line during 2005, and Cytec will use the proceeds to reduce debt.
“With this acquisition, Cytec becomes one of the world’s leading suppliers of specialty chemicals to the coatings industry, and creates a combined Cytec entity of approximately $3 billion based on 2004 pro forma revenues excluding Surface Specialties’ amino resin produce line,” said David Lilley, chairman, president and CEO of Cytec.
“This transaction complements Cytec’s existing product lines by significantly increasing Cytec’s product offering to the coatings industry, including the general industrial, automotive, architectural, plastics, graphic arts and wood end-markets,” Mr. Lilley said. “This acquisition provides us with a sustainable growth platform with potentially above-average growth rates, and expands our technology base and our geographic capabilities.
“Similar to Cytec, Surface Specialties has very capable and talented employees with a clear emphasis on providing customers with value- added services, and we enthusiastically welcome them to Cytec,” Mr. Lilley added. “We are excited about the possibilities for further enhancing shareholder returns going forward.”
Mr. Lilley also announced a redesigned organizational structure.
“Cytec will operate the acquired Surface Specialties business as a separate segment, and will integrate the existing coating and performance chemicals product lines into this new segment, which will be headquartered in Brussels, Belgium,” Mr. Lilley said. “Ben Van Assche, formerly director-general of Surface Specialties, has been named president of Cytec Surface Specialties and will be elected an officer of Cytec and a member of our executive committee.”
The remaining two product lines in Cytec’s performance products segment, polymer additives and specialty additives, will be combined with the water and industrial process segment.
This specialty chemicals segment will be renamed Cytec Performance Specialties, and will continue to be headquartered at Cytec’s corporate headquarters in West Paterson, NJ.