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 (http://www.mycoatingresins.com/)
About Advent InternationalFounded 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 (http://www.adventinternational.com/).
Contacts:
Martine Van Driessche
for Coating Resins - Director Communications
+32 474-17-99-35
martine.vandriessche@cytec.com (mailto:martine.vandriessche@cytec.com)
Carolin Amann
for Advent International - FTI Consulting
+49 69 920 37 132
Carolin.Amann@fticonsulting.com (mailto:Carolin.Amann@fticonsulting.com)
Chuck Dohrenwend or Dana Gorman
for Advent International - The Abernathy MacGregor Group
+1 212-371-5999
adventinternational@abmac.com (mailto:adventinternational@abmac.com)
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Source: Cytec Industries Inc via Thomson Reuters ONE
