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Cytec Industries Inc. has announced completion of its acquisition of the manufacturing assets of Star Orechem International Private Limited (SOIL), in Nagpur, Central India in a cash transaction for a total 1,848,250,000 Indian Rupees or $37 million US Dollars at current exchange rate. The acquisition increases Cytec''s global capacity for its metal-extraction product line by about 25% as well as the ability to further expand site production.
"This acquisition enables us to meet the strong growth we are seeing for our extractant products coming from increased use of this technology in both new copper mining projects as well as existing properties," said Shane Fleming, Chairman, President and CEO of Cytec. "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."
The acquired operations will manufacture Cytec''s ACORGAR solvent extractant products and also supply solvent extractant products for SOIL''s distribution operations and supply obligations. The employees at the manufacturing site will transfer to Cytec. Cytec''s In Process Separation business develops technologies as well as new formulations tailored for specific applications to separate desired minerals from complex orebodies. Cytec is said to have a leading position in the metal processing industry, particularly in copper and associated base and precious metals.