09 October 2012 14:28 [Source: ICIS news]
LONDON (ICIS)--Cytec Industries is to sell its coating resins subsidiary to private equity firm Advent International for $1.03bn (€793m), the US-based firms said on Tuesday.
The sale is part of a drive by Cytec to focus its operations on several core sectors, according to company CEO Shane Fleming.
He said: "The sale enables us to focus on our industry-leading portfolio of growth platforms comprised of advanced materials and separation technologies to drive long-term growth.”
Headquartered in Brussels, Belgium, and with operations in Europe, Asia and the US, Cytec’s coating resins business produces synthetic resins used for the production of paints, coatings and printing inks. The business posted a turnover of $1.6bn in 2011.
Following the completion of the carve-out of the business from Cytec, the standalone company is planning to increase its presence in emerging markets, particularly in Asia, Advent said.
Cytec recently completed the sale of its pressure sensitive adhesives product line to German company Henkel for $105m.
($1 = €0.77)
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