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CYT > SEC Filings for CYT > Form 8-K on 9-Apr-2013All Recent SEC Filings

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Completion of Acquisition or Disposition of Assets, Financial Statements

Item 2.01. Completion of Acquisition or Disposition of Assets.

On April 3, 2013, Cytec Industries Inc. (the "Company") announced the completion of the previously announced sale of its Coating Resins business to Advent International, a global private equity firm, for a total value of $1,133 million including assumed liabilities of approximately $118 million, subject to final working capital and other customary adjustments.

A copy of the press release dated April 3, 2013 is attached as Exhibit 99.1 to this Current Report on Form 8-K, and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(b) Pro forma financial information

The unaudited pro forma consolidated balance sheet of the Company at December 31, 2012 is attached as Exhibit 99.2 and is incorporated by reference. The unaudited pro forma consolidated balance sheet assumes the disposition of the Coating Resins business occurred on December 31, 2012, and includes the expected use of proceeds for the repurchase of the Company's common stock under the Company's previously announced stock repurchase program. Unaudited pro forma consolidated income statements for the three most recently completed fiscal years are not presented as the Coating Resins business has been reflected as discontinued operations in the Company's financial statements incorporated in its 2012 Annual Report filed on Form 10-K.

The pro forma adjustments are based on the best information available and assumptions that management believes are factually supportable. The unaudited pro forma consolidated financial information is for illustrative and informational purposes only and is not intended to reflect what the Company's financial position would have been had the disposition occurred on the date indicated and is not necessarily indicative of the Company's future financial position. The unaudited pro forma financial information should be read in conjunction with the historical financial statements and notes included in the Company's 2012 Annual Report filed on Form 10-K.

(d) Exhibits

                  Exhibit   Description

                  99.1      Press Release dated April 3, 2013

                  99.2      Unaudited Consolidated Balance Sheet

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