H.I.G. Capital Closes the Acquisition of the Building Block Chemicals Division of Cytec Industries
MIAMI – February 28, 2011 – H.I.G. Capital, LLC, a leading global private investment firm, announced today that an affiliate has completed the previously announced purchase of the Building Block Chemicals (“BBC”) division of Cytec Industries Inc (NYSE: CYT). Based outside of New Orleans, BBC is a leading manufacturer of melamine, acrylonitrile and sulfuric acid, which are key intermediate chemicals critical for the manufacturing of a broad array of products used in water treatment, oil recovery, agriculture, plastics, furniture, flooring and performance coatings. The business will be rebranded and operate under the name, “Cornerstone Chemical Company.”
About Cornerstone Chemical Company
Based in Waggaman, LA, Cornerstone Chemical Company is a leading manufacturer of key intermediate chemicals that are used in diverse industrial and consumer applications, including water treatment, oil recovery, agriculture, plastics, furniture and flooring, and performance coatings. Cornerstone is the sole manufacturer of melamine in North America, a leading manufacturer of acrylonitrile in the U.S. and a top supplier of sulfuric acid in the Gulf region. Located on an 800-acre site just outside of New Orleans, Cornerstone operates a world-class, highly synergistic manufacturing facility near the Mississippi River. Known for its high-quality products, Cornerstone is recognized worldwide for its reliability as a critical global supplier of intermediate chemicals.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, New York, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200companies worldwide. For more information, please refer to the H.I.G. website at www.hig.com.