Press Releases
Contact:
Jodi Allen
Investor Relations
(973) 357-3283
Release Date: Immediate
Cytec
Announces Agreement to Divest Coating Resins Business
Transaction values Coating Resins at $1,150 million
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
(US & Canada) or (706) 902-4297 (International) and using access
code 39651541. A live webcast of the call may also be accessed
through the Investor Relations section of Cytec’s web site at
www.cytec.com. Presentation
materials will be available on the web site prior to the call.
About Cytec
Cytec’s vision is to deliver specialty material and chemical
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 and industrial materials, mining and
plastics.
About Advent
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.
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