Press Releases
Contact:
Jodi Allen
Investor Relations
(973) 357-3283
Cytec Initiates Sale Process for Coating Resins Business
Woodland Park, New Jersey, May 21, 2012 – Cytec Industries Inc.
(NYSE:CYT) announced today it has initiated a formal sale
process for its Coating Resins business. J.P. Morgan Securities
LLC, the Company’s financial advisor, is assisting Cytec with
the process. Cytec’s target is to complete a transaction by the
end of the year.
Shane Fleming, Chairman, President and Chief Executive Officer,
commented, “After extensive analysis, we determined that the
sale of our Coating Resins business is our preferred alternative
for separating the business. Today’s announcement marks another
significant step forward in executing our portfolio
transformation strategy which will bring additional focus to
expanding our market and technology leadership positions in high
growth advanced composite materials and separation technologies
applications. We are confident that a sale of the Coating Resins
business coupled with other recent actions will continue to
create enhanced value for our shareholders. In the interim, we
are committed to building on the momentum underway in our core
businesses while remaining focused on meeting the needs of our
Coating Resins customers as we operate that business.”
Cytec has been pursuing a strategy to increase the focus on its
highly attractive Engineered Materials, In Process Separation
and Additive Technology segments. As part of this strategy,
Cytec retained J.P. Morgan Securities LLC to assist in an
analysis of alternatives available to effect a separation of its
entire Coating Resins business. As part of this analysis, Cytec
recently announced the sale of its Pressure Sensitive Adhesive
product line. Consistent with its growth strategy, Cytec
announced earlier this year the acquisitions of Umeco plc, an
international provider of advanced composite materials and Star
Orechem International Private Limited, an India-based
manufacturer of extraction technology that supports the growth
of the In Process Separation segment.
Cytec does not intend to disclose developments regarding the
Coating Resins sale process until a transaction is announced,
which is estimated to occur later this year.
The Coating Resins segment includes the following product lines:
Radiation-Cured Resins (Radcure Resins), Liquid Coating Resins
and Additives (including Waterborne Resins, Solventborne Resins,
Urethane Resins and Additives), Powder Coating Resins and Amino
Crosslinkers.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained
herein, statements contained in this release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Achieving the results
described in these statements involves a number of risks,
uncertainties and other factors that could cause actual results
to differ materially, as discussed in Cytec’s filings with the
Securities and Exchange Commission.
Corporate Profile
Cytec’s vision is to deliver specialty chemical and material
technologies beyond our customers’ imagination. Our focus on
innovation, advanced technology and application expertise
enables us to develop, manufacture and sell products that change
the way our customers do business. Our pioneering products
perform specific and important functions for our customers,
enabling them to offer innovative solutions to the industries
that they serve. Our products serve a diverse range of end
markets including aerospace composites, structural adhesives,
automotive and industrial coatings, electronics, inks, mining
and plastics.
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