Cytec to Sell Acrlyonitrile and Melamine Unit to H.I.G. Capital

摘要

Cytec Industries has agreed to sell its building block chemicals business to private equity firm H.I.G. Capital (Miami) for $180 million. The deal includes Cytec's Fortier, LA site, which makes acrylonitrile and melamine, a portion of which is used by Cytec to make carbon fiber and coating resins, respectively. Cytec also produces hydrocyanic acid and sulfuric acid at the site. H.I.G has agreed to supply acrylonitrile and melamine to Cytec under long-term contracts. Cytec also has a long-term agreement to sell 30% of its acrylonitrile production at Fortier to Kemira, which uses it to make acrylamide. The deal is expected to close by the end of the first quarter.