Cytec has closed the $1.15-billion sale of its coating resins business to private equity Advent International (New York). The deal, first announced in October "marks the completion of the transformation of Cytec's portfolio and the beginning of a new Cytec," says Cytec chairman and CEO Shane Fleming. "We are now able to focus on our growth platforms comprised of advanced materials and separation technologies." The coating resins business will take on a new name in the coming months, Advent says. It is headquartered in Brussels and has operations in Europe, the US...
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