BP and
Cytec Industries announced today that they have signed a Definitive
Agreement on the sale of BP’s
carbon-fibers/order_t/'>carbon fibers business to Cytec, which intends to
operate the business as part of its Cytec Fiberite business unit.
The agreement includes assets and personnel associated with BP’s
carbon fibers
business. Facilities include manufacturing
plants in Greenville and Rock Hill, South
Carolina and research and development assets in Alpharetta,
Georgia. Cytec will
continue to house personnel in Alpharetta for an interim period of time under a site
lease agreement with BP.
The companies expect to complete the transaction next month. Financial terms of the
agreement were not disclosed.
BP announced its intention to divest its carbon fibers business in April 2000 as part of
the company’s strategy of concentrating on core oil,
gas and petrochemical
businesses. BP acquired the carbon fiber business as part of the merger with Amoco
Corporation in 1998.