Cytec acquires SOIL’s manufacturing business in India

Cytec acquires SOIL’s manufacturing business in India

7:10 AM, 3rd April 2012
Cytec acquires SOIL’s manufacturing business in India

WOODLAND PARK, US: Cytec Industries has completed the acquisition of the manufacturing assets of Star Orechem International Private Limited (SOIL) in Nagpur, India for a total of 1,848,250,000 rupees ($37 million). The acquisition will increase Cytec’s global capacity for its metal extraction product line by approximately 25 per cent and provides the ability to further expand production at the site.

The acquired operations will manufacture Cytec’s ACORGA solvent extractant products and will also continue to supply solvent extractant products for SOIL’s distribution operations and supply obligations. Manufacturing and product qualification will begin immediately and will contribute to the segment’s expected double digit sales growth in 2012 and beyond.

“The acquisition expands our global manufacturing footprint for the In Process Separation business, providing us with a more direct supply chain line to better serve our mining customers in Africa and the Asia Pacific region. Consistent with our goal of creating value for our shareholders, we remain focused on strengthening all of our growth platforms,” said Shane Fleming, Chairman, President and CEO, Cytec.

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