The coating resins business that was formerly part of Cytec Industries Inc. 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, CEO of the coating resins business, during the April 3 announcement. “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.”
Shane Fleming, chairman, president, and CEO of Cytec Industries, said the sale of Coating Resins marks the completion of the transformation of Cytec’s portfolio and the beginning of a new Cytec. “We are now able to focus on our growth platforms comprised of advanced materials and separation technologies," Fleming explained. "We are excited about the future of our company and the ability to drive long-term growth and greater returns to our shareholders.”
Fleming also thanked the employees in the Coating Resins organization for their dedication and hard work to improve the business performance and for their continued focus and discipline during the divestiture process. "I wish them well and continued future success," he stated.
According to Aranzana, Coating Resins 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. The unit 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.
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 and Japan).
For more information, please visit our temporary website www.mycoatingresins.com
About Advent International
Advent International, founded in 1984, is one of the largest and most experienced global investors dedicated solely to private equity. Since inception, the firm has raised €28 billion ($37 billion) and invested in more than 280 buyout transactions in 36 countries, achieving over 210 full or partial exits. With offices on four continents, Advent has established a globally integrated team of over 170 investment professionals across North America, Europe, Latin America and Asia.
For more information, please visit www.adventinternational.com.