Cytec selling coating resins unit for $1.15 billion (update)

Cytec announced today that it is selling its coating resins business to private equity firm Advent International (New York) for $1.15 billion. The business generated revenue of $1.6 billion in 2011. The deal is expected to close in the first quarter of next year.   The sale is expected to net $1 billion in proceeds to Cytec, says Laurence Alexander, an analyst with Jefferies & Company (New York). It values the coatings resins unit at 6.9x Ebitda, he adds.   "The sale enables us to focus on our industry-leading portfolio of growth platforms...

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