Cytec Industries (CYT) to Divest Coating Resins Unit; in $1.15B Deal

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.

J.P. Morgan acted as Cytec`s financial advisor.

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