While Cytec Industries Inc. has spent most of the past year becoming a composites heavyweight, it hopes to shed some pounds in a thermoset resin arena.
The West Paterson, N.J., chemicals firm recently announced it wants to sell or share its thermoset molding compounds businesses.
Molding compounds accounted for $44 million of Cytec's $1.3 billion in 1997 sales.
But the businesses are ``not significant enough and not strategic enough'' for Cytec, spokesman George Yuro said in a July 23 telephone interview.
Cytec makes polyester and vinyl ester bulk compounds in Perrysburg, Ohio, and higher-end phenolic and epoxy products in Winona, Minn., and Delano, Pa.
Another plant in Courcelles-les-Lens, France, also makes molding compounds, but is not mentioned in the news release. Yuro had no comment on Cytec's plans for the French facility.
In January, Cytec said it was looking to sell subsidiary Conap Inc., a supplier of polyurethane and epoxy resin systems. Conap reported 1997 sales of $21 million.
No deals have been made on either of Cytec's offerings, Yuro said.
Cytec's purchases in the past 12 months include most of composites supplier Fiberite Inc. and American Materials and Composites Corp., which makes aerospace prepreg materials and high-tech golf club shafts.
The deals have helped Cytec gain on Hexcel Inc. of Stamford, Conn. Hexcel, which dominated the composites materials business with $936 million in 1997 sales, wanted to buy Fiberite, but was rebuffed by the Federal Trade Commission on antitrust grounds. Hexcel settled for a $37 million portion of Fiberite, while Cytec acquired the rest.