Cytec Industries has begun a formal sale process for its coating resins business, the US-based specialty materials company said Monday.
Cytec said its target is to complete a transaction by the end of the year.
After extensive analysis, we determined that the sale of our coating resins business is our preferred alternative for separating the business, said Shane Fleming, CEO of Cytec.
Today marks a 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.
Fleming said Cytec was committed to building on momentum underway in core businesses while remaining focused on meeting the needs of coating resins customers until a deal is complete.
Going forward, company strategy will be to focus on the engineered materials, in-process separation and additive technology segments, Cytec said.
Cytec does not intend to give updates on the sale process until a transaction is announced, which is estimated to occur later in 2012, it said.
The coating resins segment includes the following product lines: radiation-cured resins (radcure resins), liquid coating resins and additives (including water-borne resins, solvent-borne resins, urethane resins and additives), powder coating resins and amino crosslinkers.