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Cytec and Mitsui

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By: KERRY PIANOFORTE

Editor, Coatings World, Coatings World

Cytec Industries Inc. has signed definitive agreements with Mitsui Chemicals Inc. and concerned companies in the Mitsui-Cytec Ltd. joint venture. After the transactions are completed, Cytec will own 100% of the JV’s existing coating resins business, which includes a manufacturing facility in Shimonoseki, Japan and certain technology rights associated with the water treatment business in most of Asia. Mitsui will own 100% of the JV’s water treatment manufacturing facility in Mobarra, Japan. The JV was originally formed in 1976 and total sales in 2002 were approximately $59 million, of which approximately $21 million was attributed to the coating resin business owned by Cytec.

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