Cytec to divest coating resins business
WOODLAND PARK, N.J. — Cytec Industries Inc. announced a definitive agreement to divest its coating resins business to Advent International, a private equity firm for $1.03 billion plus assumed liabilities of $118 million bringing the total value to $1.15 billion. The sale is expected to close in the first quarter 2013, following the satisfaction of regulatory requirements and other customary closing conditions.
“I am extremely pleased with the evolution of Cytec over the last 18 months and this transaction is another significant step in our portfolio transformation,” Shane Fleming, chairman, president, and CEO of Cytec. “The sale enables us to focus on our industry-leading portfolio of growth platforms comprised of advanced materials and separation technologies.”
“The transaction with Advent International creates an opportunity for the Coating Resins segment to fully leverage its breadth of environmentally-friendly resin technologies,” Fleming says.
Cytec’s products serve a diverse range of end markets including aerospace and industrial materials, mining and plastics. Included in the transaction are the Radiation-Cured Resins, Liquid Coating Resins, Powder Coating Resins and Amino Crosslinkers product lines.
Advent has raised $26 billion in private equity capital and, through its buyout programs, has completed over 270 transactions in 35 countries.