Cytec Initiates Sale Process for Coating Resins Business

may 29 2012

Cytec Industries Inc. apprised that it has initiated a formal sale process for its Coating Resins business. J.P. Morgan Securities LLC, the Company’s financial advisor, is assisting Cytec with the process. Cytec’s target is to complete a transaction by the end of the year.
Shane Fleming, Chairman, President and Chief Executive Officer, commented, “After extensive analysis, we determined that the sale of our Coating Resins business is our preferred alternative for separating the business. Today’s announcement marks another significant 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 technologies applications. We are confident that a sale of the Coating Resins business coupled with other recent actions will continue to create enhanced value for our shareholders. In the interim, we are committed to building on the momentum underway in our core businesses while remaining focused on meeting the needs of our Coating Resins customers as we operate that business.”

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