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
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
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
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.