Cytec Industries Inc. announced a definitive agreement to divest 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.
“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. “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. I want to thank the employees in Coating Resins for their focus and perseverance during the divestiture process and for their good work that has led to improvement in the business performance,” said Mr. Fleming. Included in the transaction are the Radiation-Cured Resins, Liquid Coating Resins, Powder Coating Resins and Amino Crosslinkers product lines.