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Cytec Industries Inc has announced a definitive agreement to divest its coating resins business to Advent International, a global private equity firm for US$1.032M plus assumed liabilities of US$118M bringing the total value to US$1,150M. The sale is expected to close in Q1, 2013.
"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. Included in the transaction are the radiation-cured resins, liquid coating resins, powder coating resins and amino crosslinkers product lines.