Cytec Industries, Inc., earlier this week announced a definitive agreement to divest its Coating Resins business to Advent International, a global private equity firm for $1.032 billion---plus assumed liabilities of $118 million, bringing the total value to $1.150 billion. The sale, which includes Radiation-Cured Resins, Liquid Coating Resins, Powder Coating Resins and Amino Crosslinkers product lines, 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,” said Shane Fleming, Chairman, president, and CEO of Cytec. “The sale enables us to focus on our industry-leading portfolio of growth platforms comprising advanced materials and separation technologies to drive long-term growth and deliver greater returns to our shareholders.”
According to Fleming, the transaction with Advent International creates an opportunity for the Coating Resins segment to fully leverage its breadth of environmentally friendly resin technologies.