PE firm Advent International to buy coating resins business of Cytec for $1.03 bn
10 Oct 2012
Private equity firm Advent International yesterday agreed to acquire the coating resins business of specialty chemicals company Cytec Industries Inc for $1.03 billion.
The deal along with debt of $118 million, takes the total transaction value to $1,150 million.
The sale includes Cytec' radiation-cured resins, liquid coating resins, powder coating resins and amino crosslinkers product lines.
The coating resins business generated half of Cytec's $3 billion revenues in 2011.
Cytec said that the sale will enable it to focus on its industry-leading portfolio of growth platforms comprising advanced materials and separation technologies in order to drive long-term growth and deliver greater returns to shareholders.
"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.