PaintSquare.com
Follow us on Twitter Follow us on LinkedIn Like us on Facebook Follow us on Instagram
Search the site

 

Get the latest FREE eResource Blasting Resource Guide Download Now

Coatings Industry News

Main News Page


Cytec Sells Off Coatings Resins Unit

Monday, April 8, 2013

More items for Coating Materials
More items from Asia Pacific; Europe

Comment | More

Cytec’s longtime coating resins business is now an independent company, yet to be named, after being sold to a global private equity firm.

Cytec Industries Inc. announced Wednesday (April 3) that it had completed the sale of its coating resins business to Advent International.

The total value of the sale was $1.1 billion, including assumed liabilities of approximately $118 million. The final price paid is subject to final working capital and other customary adjustments, Cytec said.

Cytec coating resins
www.mycoatingresins.com

Cytec Industries' coating resins business is now an independent company after being sold to a private equity firm.

'Exciting First Step'

The coating resins business, which will adopt a new brand name in the next few months, is headquartered in Brussels, Belgium, and has operations in Europe, the U.S., and Asia. Cytec is based in Woodland Park, NJ.

The coating resins business develops, produces, and sells synthetic resins for paint, coatings, and printing inks; the portfolio also includes crosslinkers and additives.

"Today is an exciting first step on our journey as an independent company," said Frank J. Aranzana, CEO of the coating resins business, in a press release announcing the sale.

"We thank Cytec for its many years of support and now look forward to the next chapter in our continued growth. We believe our future holds great promise for our employees, our customers and our suppliers," said Aranzana.

Focus on Growth

"With the support of Advent ... and our talented employees around the world, we intend to pursue and achieve the many growth opportunities before us," Aranzana said.

According to Advent, the new company is performing well and is one of the largest producers in a $30 billion global market.

"Our focus for the new company moving forward will be to ensure that it is a leader in the product categories and geographies that present the best growth opportunities now and well into the future," said Ronald Ayles, Managing Director and head of Advent's chemicals practice.

Ayles said Advent would work closely with the new company to help its growth in the U.S. and Europe, as well as expand its product offerings and increase its reach in emerging markets.

'A New Cytec'

"The sale of Coating Resins marks the completion of the transformation of Cytec's portfolio and the beginning of a new Cytec," said Shane Fleming, Chairman, President, and CEO of Cytec.

In May 2012, the company announced that it had reached an agreement to sell its high-performance Pressure Sensitive Adhesives product line to German adhesives maker Henkel AG & Co. for $105 million.

Cytec Industries Inc.

Cytec's CEO said the sale of the coating resins business marked the "completion of the transformation" of the company's portfolio. Last year, Cytec sold its Pressure Sensitive Adhesives line for $105 million.

"We are now able to focus on our growth platforms comprised of advanced materials and separation technologies. We are excited about the future of our company and the ability to drive long-term growth and greater returns to our shareholders," Fleming said.

"I would like to thank the employees in the Coating Resins organization for their dedication and hard work to improve the business performance and for their continued focus and discipline during the divestiture process. I wish them well and continued future success," Fleming said.

Fleming also said the company planned to use most of the after-tax proceeds for its share repurchase program, to be completed by the middle of the year.

About the Companies

The coating resins business has approximately 2,000 employees worldwide, 16 manufacturing facilities, 13 research and technology support centers, and two joint ventures in Korea and Japan.

For more information, visit its temporary website: www.mycoatingresins.com.

Founded in 1984, Advent International has more than 170 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on growth and traditional buyout and strategic repositioning transactions. It five core sectors are business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom.

More information: www.adventinternational.com

   

Tagged categories: Acquisitions; Adhesive; Automotive coatings; Cytec Industries Inc.; Powder coatings; Resins; Urethane

Comment Join the Conversation:

Sign in to our community to add your comments.

Advertisements
 
Carboline Company
 
Fireproofing Solutions
 
Pyroclad® X1 Thermo-Lag® Pyrocrete® – protecting against hydrocarbon and jet fires, explosions, and cryogenic spills.
 

 
PPG Protective and Marine Coatings Group
 
We Protect and Beautify the World
 
PPG is widely recognized as a world leader in protective and marine coatings, developing innovative, cutting-edge products and services.
 

 
Jotun Paints Inc.
 
Jotachar JF750 - The Time Saving Solution
 
The only mesh free solution for jet fire scenarios. Jotachar saves installation time and material costs - the next generation of epoxy passive fire protection.
 

 
Sherwin-Williams
 
Sherwin-Williams Oil & Gas App
 
Our coatings and linings expertise available 24/7, allowing you to explore the best Sherwin-Williams solutions for oil refineries, shale drilling sites, and offshore. Android users
click here. Download today!
 

 
Mitsubishi Gas Chemical America
 
Performance Amine 1,3-BAC
 
A highly reactive cycloaliphatic diamine offering superior performance. Reasonable cost and curing efficacy makes it suitable for all types of epoxy resin applications.
 

 
Clemco International GmbH
 
Global engineering-trusted solutions
 
For more than 70 years, Clemco has provided the highest quality blast equipment with a total commitment to comfort and safety.
 

 
BASF
 
New resins from BASF will have metals loving water!
 
Excellent corrosion resistance, low VOC, high gloss, thin films www.basf.us/industrialcoatings dpsolutions@basf.com 800-231-7868
 

 
Hempel (USA) Inc.
 
Trusted worldwide for advanced protective coatings
 
Trusted worldwide
for advanced
protective, coatings
–Full range of 
  advanced coatings
–Optimised application
–Fast, reliable service  worldwide. Contact us at oilandgas@hempel.com
 

 
HoldTight Solutions Inc.
 
NO FLASH RUST - NO CONTAMINANTS
 
Our HoldTight®102 salt remover & flash rust
preventer prevents flash
rust by removing surface contaminants. Contact us
for your nearest distributor.
(800) 319.8802 sales@holdtight.com
 

 
PSS Industrial Group
 
AirTech - World Leader in Custom Spray Solutions
 
AirTech is the solution
for any custom spray application. We have painting & finishing equipment, blast equipment, painting accessories, booth filter and many more items in inventory.
 

 
 
 

Technology Publishing Co., 2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951

TEL 1-412-431-8300  • FAX  1-412-431-5428  •  EMAIL webmaster@paintsquare.com


The Technology Publishing Network

Durability + Design PaintSquare the Journal of Protective Coatings & Linings Paint BidTracker

 
EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us