WOODLAND PARK, N.J. (AP) — Chemical coating maker Cytec Industries Inc. has closed on its $37 million purchase of Star Orechem International Private Ltd.'s manufacturing assets in India.
Cytec said Monday that the buyout will increase its capacity for its metal extraction product line by about 25 percent and allow it to expand production further in India.
The manufacturing operations will make Cytec's Acorga solvent extractant products and continue to supply solvent extractant product for Star Orechem's distribution operations and supply needs.
Shares of Cytec, which is based in Woodland Park, N.J., added 11 cents to $60.90 in afternoon trading.