NEW YORK, January 31, 2011 /PRNewswire/ --
The Valence Group announces that it has successfully advised Cytec Industries, Inc. (NYSE: CYT) on the sale of its Building Block Chemicals Business, with 2010 sales of $600 million, to an affiliate of HIG Capital, LLC. Total consideration to be received of $180 million includes cash consideration of $165 million at closing and a Note for $15 million. The sale is subject to customary closing conditions.
(Logo: http://photos.prnewswire.com/prnh/20110118/NY30970LOGO )
The Building Block Chemicals product lines include acrylonitrile, sulfuric acid and melamine which are produced mostly for third party sale.
Josh Hay, Partner, said: "The Valence Group is delighted to have had this opportunity to advise Cytec and help play an important role in their strategic realignment."
Telly Zachariades, Partner added: "Working with a leading global specialty chemical company like Cytec is extremely gratifying. This is a significant transaction in the development of The Valence Group and evidence of our continuing increase in stature and market presence in the industry."
Cytec Industries, Inc. (NYSE: CYT) is a publicly traded specialty chemical and material technologies company serving a diverse range of end markets including aerospace composites, structural adhesives, automotive and industrial coatings, chemical intermediates, electronics, inks, mining and plastics.
About The Valence Group
The Valence Group is a specialist M&A boutique offering advisory services exclusively to companies and investors in the chemicals, materials and related sectors. The firm has developed broad and deep transactional expertise: sell-side, buy-side, joint venture, private companies, public offers, corporate carve-outs, LBOs and management buy-outs. The founders and senior members of The Valence Group have worked together for between 10 and 15 years and collectively have more than 130 years of transactional experience gained both at major investment banks and within chemical companies. The firm's offices are located in London, New York and Shanghai.
SOURCE The Valence Group