Novotex Italiana to acquire European PU division of Belgium's Cytec Surface Specialities

13-Feb-09

Novotex Italiana SpA, a supplier of variety of PU resins and a part of the Italy's Coim Group has entered into an agreement to purchase the European business, technology and manufacturing rights of the polyurethane division of Cytec Surface Specialities (ex UCB) based in Drogenbos, Belgium by end of February. This will make Novotex Italiana one of the leading European suppliers of polyurethane solutions, granules and dispersions used in the coating industry. Apart from Europe, Novotex supply their products on a global basis to North and South America, Middle East and Asia with Sales Offices/Production Units in Brazil and Singapore The deal will involve the polyurethane resins for use in the water proofing and breathability of textile, leather and synthetic leather goods principally in the European market. The factory of Cytec in Drogenbos, Belgium will continue producing these materials during a transitional period but production will be transferred to the Coim factory in Italy as soon as practical. However the agreement has been set up to ensure that there will be no interruption to supplies of material and that current customers of Cytec will continue to receive products as normal.