Cytec Industries Inc.has entered into an 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 chief executive officer 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."
Included in the transaction are the radiation-cured resins,liquid coating resins,powder coating resins and amino crosslinkers product lines.J.P.Morgan acted as Cytec's financial advisor.
