West Paterson, New Jersey-Cytec Industries Inc. has dropped the price it is paying to Belgian group UCB for its Surface Specialties business to Euro 1415 million ($1840 million The US chemical company and UCB have agreed the change-from the initial figure of $1500 million-following UCB's results for 2004. Preliminary results for the business to be acquired showed sales and EBITDA of €1.112 billion ($1.446 billion at 1.30$/€) and €147 million ($191million at 1.30$/€), respectively. "We are pleased to have reached this revised agreement with UCB," said David Lilley, Cytec chairman, resident and ceo. Since the deal was first announced on 1 Oct 2004, Cytec has made substantial progress in planning the UCB unit's integration into Cytec, he added. "
