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The coating resins business that was formerly part of Cytec Industries Inc announced on April 3 that it has become an independent company with the completion of the previously announced sale from Cytec to funds affiliated with Advent International, one of the leading global private equity firms.
The coating resins business, which will adopt a new brand name in the coming months, is one of the leading global producers of coating resins with a broad product portfolio and leading market and technology positions.
"Today is an exciting first step on our journey as an independent company,” said Frank J Aranzana, CEO of the coating resins business. "We thank Cytec for its many years of support and now look forward to the next chapter in our continued growth. We believe our future holds great promise for our employees, our customers and our suppliers. With the support of Advent, an investment partner with proven expertise building strong global chemicals companies and our talented employees around the world, we intend to pursue and achieve the many growth opportunities before us.”
The new company is performing well. It is one of the largest producers in a US$30bn global market that is growing strongly, as end-users seek cost-efficient and environmentally friendly technologies for their coating processes and individual applications.