|View printer-friendly version|
|Cytec Announces Agreement to Divest Coating Resins Business|
Cytec Announces Agreement to Divest Coating Resins Business
Woodland Park, New Jersey, October 9, 2012 - Cytec Industries Inc. (NYSE:CYT) announced today 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 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."
"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.
J.P. Morgan acted as Cytec's financial advisor.
Investor Conference Call to be held on October 9 at 2:00pm US Eastern Time
Cytec will host a live conference call for investors today, October 9 at 2:00pm Eastern Standard Time to review the transaction. Investors can listen to the call by dialing (888) 894-3692
Founded in 1984, Advent is one of the world's leading global buyout firms, with offices in 16 countries on four continents. A driving force in international private equity for 28 years, Advent has built an unparalleled global platform of over 170 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic repositioning opportunities and growth buyouts in five core sectors, working actively with management teams to drive revenue growth and earnings improvements in portfolio companies. Since its inception, Advent has raised $26 billion in private equity capital and, through its buyout programs, has completed over 270 transactions in 35 countries. For more information, please visit www.adventinternational.com.