US Cytec gets EU approval for divestment of coating resins to Advent

08 February 2013 17:15  [Source: ICIS news]

LONDON (ICIS)--US-based specialty chemicals and materials firm Cytec Industries has received approval from the European Commission for the $1bn (€750m) divestment of its coating resins business to private equity firm Advent International, officials said on Friday.

The European Commission said its investigation found that vertical links between Oxea, a Germany-based oxo chemicals and derivatives producer already controlled by Advent, and Cytec's coating resins business would not pose a threat to competition in the EU.

In a recent conference call, Cytec executives said that in addition to the EU approval, they were also still waiting for approval from China in order to complete the deal by the end of the first quarter.

A Cytec media official could not immediately be reached for additional comment on Friday.

The divestment of the coating resins business, along with the acquisition of UK-based composite and process materials firm Umeco last year, is a key part of Cytec’s strategy to transform its business portfolio.

Cytec and Advent had announced the divestment last October.

($1 = €0.75)

By: Stefan Baumgarten
+1 713 525 2653

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