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Private equity firm Arsenal Capital Partners will pay $45 million to acquire Cyalume Technologies, a firm best known for its chemiluminescent glow sticks. Invented by American Cyanamid scientists in the 1970s, the sticks are based on a phenyl oxalate ester mixed with hydrogen peroxide and dye. More than two-thirds of Cyalume’s $41 million in sales last year came from chemiluminescent devices and munitions, primarily for military use. The balance was from specialty chemicals for pharmaceuticals, medical devices, and other uses.
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