Former Cytec Industries Coating Resins Business Becomes Independent as Sale to Funds Affiliated with Advent International is Completed
(Thomson Reuters ONE) -
Brussels, Belgium, April 3, 2013 - The coating resins business that was formerly
part of Cytec Industries Inc. (NYSE: CYT) today announced that it has become an
independent company with the completion of the previously announced sale from
Cytec to funds affiliated with Advent International, one of the leading global
private equity firms. The coating resins business, which will adopt a new brand
name in the coming months, is one of the leading global producers of coating
resins with a broad product portfolio and leading market and technology
positions.
"Today is an exciting first step in our journey as an independent company," said
Frank J. Aranzana, President and Chief Executive Officer of the coating resins
business. "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. With the support of
Advent, an investment partner with proven expertise building strong global
chemicals companies, and our talented employees around the world, we intend to
pursue and achieve the many growth opportunities before us."
The new company is performing well. It is one of the largest producers in a $30
billion global market that is growing strongly, as end users seek cost-efficient
and environmentally friendly technologies for their coating processes and
individual applications. Advent and the new company see many opportunities for
further development.
"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. "We will work closely with
Frank and his team to invest in the company and its people to grow its U.S. and
European businesses and to expand its product offerings and deepen its
penetration in emerging markets such as Asia."
The coating resins business is headquartered in Brussels, Belgium and has
operations throughout Europe, the United States, and Asia. It develops,
produces and sells synthetic resins used for the production of paints and
coatings as well as printing inks. The portfolio also includes crosslinkers and
additives.
Advent has been active in the chemicals industry for more than 25 years and has
invested in over 30 companies globally, including many complex acquisitions from
chemicals companies. Advent has developed a strong track record in acquiring
these businesses from multinational corporations and enabling them to become
successful independent companies. Advent's recent investments in the chemicals
and materials sector include H.C. Starck, Maxam, Mondo Minerals, Oxea and
Vinnolit.
About Coating Resins
As a leading global producer of specialty resins, Coating Resins holds an
extensive portfolio of market leading Liquid Resins & Additives, Radiation
Curing Resins, Powder Coating Resins and Crosslinkers. Coating Resins today has
approximately 2,000 employees, worldwide spread over 16 manufacturing
facilities, 13 research and technology support centers, and two joint ventures
(in Korea & Japan). For more information, please visit our temporary website
www.mycoatingresins.com
About Advent International
Founded in 1984, Advent is one of the world's leading global buyout firms. 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 $37 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.
Contacts:
Martine Van Driessche
for Coating Resins - Director Communications
+32 474-17-99-35
martine.vandriessche(at)cytec.com
Carolin Amann
for Advent International - FTI Consulting
+49 69 920 37 132
Carolin.Amann(at)fticonsulting.com
Chuck Dohrenwend or Dana Gorman
for Advent International - The Abernathy MacGregor Group
+1 212-371-5999
adventinternational(at)abmac.com
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originality of the information contained therein.
Source: Cytec Industries Inc via Thomson Reuters ONE
[HUG#1689833]
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Datum: 03.04.2013 - 15:45 Uhr
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News-ID 245601
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