Cytec sell Coating Resins business

Cytec to sell Coating Resins business

4:09 AM, 22nd May 2012
Cytec to sell Coating Resins business

WOODLAND PARK, US: Cytec Industries has initiated a formal sale process for its Coating Resins business. Cytec targets to complete the transaction by the end of this year. JP Morgan Securities, the company’s financial advisor, is assisting Cytec with the process. Cytec has been pursuing a strategy to increase the focus on its highly attractive Engineered Materials, In Process Separation and Additive Technology segments.

Cytec recently announced the sale of its Pressure Sensitive Adhesive product line. Consistent with its growth strategy, Cytec announced earlier this year the acquisitions of Umeco plc and Star Orechem International Pvt Ltd. Cytec does not intend to disclose developments regarding the Coating Resins sale process until a transaction is announced, which is estimated to occur later this year. “After extensive analysis, we determined that the sale of our Coating Resins business is our preferred alternative for separating the business,” said Shane Fleming, Chairman, President and CEO, Cytec.

“Today’s announcement marks another significant step forward in executing our portfolio transformation strategy which will bring additional focus to expanding our market and technology leadership positions in high growth advanced composite materials and separation technologies applications. We are confident that a sale of the Coating Resins business coupled with other recent actions will continue to create enhanced value for our shareholders. In the interim, we are committed to building on the momentum underway in our core businesses while remaining focused on meeting the needs of our Coating Resins customers as we operate that business,” added Fleming.

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