Cytec sell coating resins business Advent $1,150 million

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

5:48 AM, 10th October 2012
Cytec to sell coating resins business to Advent for $1,150 million

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.

© WOC News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Scientists discover giant supermassive black holes

CAMBRIDGE, UK: Scientists at the University of Cambridge have used cutting-edge infrared surveys of the sky to discover a new population of enormous, ...

Read more
Evonik expands investment in biotechnology

ESSEN, GERMANY: Evonik Industries plans to continue expanding its commitment to biotechnology. The nexus of biotech research at Evonik is the company& ...

Read more
Dow to market and sell Sadara’s products

MIDLAND, US: The Dow Chemical Company will market and sell the majority of products produced by Sadara Chemical Company, Dow’s joint venture wit ...

Read more
Solvay, Sibur JV to produce surfactants oil field chemicals in Russia

BRUSSELS, BELGIUM: Belgian chemicals group Solvay will create a joint venture for oilfield process chemicals with Russian petrochemicals group SIBUR. ...

Read more
Aurora Algae meets LEED requirements for $2 million grant

HAYWARD, US: Aurora Algae announced the successful completion of requirements for a two million dollar low emissions energy development (LEED) grant, ...

Read more
BASF, Euroresins co-operate for composite materials sales in Europe

LUDWIGSHAFEN, GERMANY: With immediate effect, BASF and Euroresins Europe Holding GmbH & Co KG co-operate in the sale of Baxxodur epoxy systems for ...

Read more