Crystal completes acquisition of Cytec India facility

MUMBAI: Crystal Crop Protection said on Monday it has completed the acquisition of speciality chemical manufacturing facility of Cytec India, a unit of Belgian chemical major Solvay SA.

The facility is located on around 10 acres in MIDC Butibori, Nagpur, and can be utilised to integrate the existing R&D and manufacturing facilities of the company, Crystal said in a statement but did not disclose the value of the transaction.

ET reported in its January 30 edition that Crystal Crop Protection, backed by South Asia-focused private equity fund Everstone Capital, has agreed to acquire the specialty chemical manufacturing business of the world's largest chemicals firm, Solvay SA, in India as part of the Belgium-based conglomerate's strategic decision to discontinue some of the businesses globally.