Issue Date: February 12, 2007
Cytec To Shut Plant In France
Cytec Industries plans to shut down a site in Dijon, France, where the firm makes solvent-borne alkyd and acrylic resins for coatings. Industry overcapacity and price erosion led to the decision, Cytec says. The company took an $8.4 million charge to pay employee severance costs. The firm also took a $1.3 million charge related to the shutdown of a site in New Castle, Del. Production of a key polymer made in New Castle will be transferred to a recently completed facility in Kalamazoo, Mich.
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