Cytec to sell coating resins business to Advent for $1,150 million

5:48 AM, 10th October 2012

WOODLAND PARK, US: Cytec Industries announced the selling of its coating resins business to Advent International, a global private equity firm for $1,032 million plus assumed liabilities of $118 million bringing the total value to $1,150 million. The sale is expected to close in the first quarter 2013, following the satisfaction of regulatory requirements and other customary closing conditions.

“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 and deliver greater returns to our shareholders. The transaction with Advent International creates an opportunity for the coating resins segment to fully leverage its breadth of environmentally-friendly resin technologies,” said Shane Fleming, Chairman, President and CEO, Cytec.

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