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 on our journey as an independent company,” said Frank J. Aranzana, 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 the Management 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 in the sector globally. The firm 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.