03 April 2013 15:59 [Source: ICIS news]
HOUSTON (ICIS)--Cytec Industries has completed the sale of its coating resins business to private equity firm Advent International, the US-based specialty chemicals and materials firm said on Wednesday.
Cytec said it sold the business for $1.13bn (€881m), including assumed liabilities of about $118m.
"The sale of coating resins marks the completion of the transformation of Cytec's portfolio and the beginning of a new Cytec," said CEO Shane Fleming.
"We are now able to focus on our growth platforms comprised of advanced materials and separation technologies,” Fleming said.
($1 = €0.78)
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