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Cytec to sell coating resins to Advent for $1.15 billion

7:06 AM MDT | October 15, 2012 | —Vincent Valk

Cytec says 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 comprised of advanced materials and...

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