PITTSBURGH, Nov. 1 /PRNewswire/ -- Bayer Corporation, of Pittsburgh, has
completed its acquisition of Cytec Industries Inc.'s paper sizing and strength
businesses for approximately $90 million.
The acquisition includes the patents, technology and worldwide marketing
operations of Cytec's paper sizing and strength businesses. Cytec will
continue to own the plants and manufacture the paper chemical products under
contract for Bayer. The products Bayer gains from the acquisition enhance the
corporation's strong U.S. product offerings in paper colorants, optical
brighteners and chemical auxiliaries. The NAFTA region accounted for about 65
percent of Cytec's paper sales last year.
Bayer's Paper Industry Business Unit is part of its Specialty Products
Business Group, which employs about 3,800 people worldwide and had sales of
about $1.12 billion in 1999, up three percent from the previous year. Sales
in the first half of 2000 increased by 12 percent. The Specialty Products
Business Group is part of Bayer's Chemicals segment.
Cytec Industries, based in West Paterson, N.J., is a specialty chemicals
and materials technology company with 1999 sales of $1.4 billion.
Bayer Corporation is a research-based company with major businesses in
health care and life sciences and chemicals. The company had 1999 sales of
$8.9 billion and employs approximately 22,200 people. Bayer Corporation is
investing $9 billion in capital expenditures and research and development from
2000 through the year 2004. 2000 capital investment and R&D expenditures are
projected to total $1.6 billion. Bayer Corporation, with headquarters in
Pittsburgh, is a member of the worldwide Bayer Group, a $29 billion
international life science, polymers and specialty chemicals group based in
Leverkusen, Germany.
SOURCE Bayer Corporation
 back to top
Related links:
http://www.bayerus.com
Company News On-Call:
http://www.prnewswire.com/comp/092575.html or fax,
800-758-5804, ext. 092575
CONTACT:
Mark A. Ryan of Bayer, 412-777-2500, or
mark-a.ryan.b@bayer.com
|
