H.I.G. Acquires Cytec Division

H.I.G. Capital has completed its $180 million acquisition of the Building Block Chemicals division of Cytec Industries (NYSE: CYT). The purchase price consisted of $165 million in cash at closing and a $15 million note. The business manufactures melamine, acrylonitrile and sulfuric acid and will be renamed Cornerstone Chemical Company. Cytec was advised by The Valence Group on the deal.