US Cytec completes sale of coating resins business to Advent

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.

Cytec said in October 2011 that it was looking at options for its coating resins business, including a divestment. A year later, it reached a deal to sell the business to Advent.

($1 = €0.78)


By: Stefan Baumgarten
+1 713 525 2653



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