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Cytec expects UCB deal to close in February

By Liz White, UT staffWest Paterson, New Jersey-Cytec Industries Inc. expects its pending acquisition of the Surface Specialties business of UCB Group to close by the end of February, according to David Lilley, chairman, president and chief executive officer. The purchase of this unit of the Belgium biopharmaceutical and speciality chemical company has been approved by the European Commission, Lilley said, adding that approval from the US Federal Trade Commission (FTC) is still awaited. The Cytec boss referred to the UCB deal in a fourth quarter results statement for the West Paterson-headquartered group. UCB’s specialities unit includes a range of polyurethane coatings to manufacture waterproof but breathable clothing. Cytec’s sales were for the fourth quarter rose 25 percent compared to the same period of last year, said Lilley, adding that sales volumes were up 16 percent, selling prices 7 percent, while exchange rate changes added 2 percent to the results. “Raw material and energy costs, continuing their upward trend, were significantly higher and were well above the prior year period,” the Cytec chief said. Cytec itself has a range of polyurethane materials sold under the Conap name, including resin systems for potting electrical components, liquid casting tooling resins, polyurethanes to make a clear raised dome surface on decals and labels, as well as TDI polyether and polyester based prepolymers. Cytec Industries is a speciality chemicals and materials technology group with total sales in 2004 of $1700 million. It serves markets including aerospace, coatings, mining, plastics and water treatment.”

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