Cytec Initiates Sale Process for Coating Resins Business
(Thomson Reuters ONE) -
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.
Contact:
Jodi Allen
Investor Relations
(973) 357-3283
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cytec Industries Inc via Thomson Reuters ONE
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