Former Cytec Coating Resins Business Is Now Independent Company
BRUSSELS, Belgium – 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, a global private equity firm. The coating resins business, which will adopt a new brand name in the coming months, is a leading producer of coating resins.
The new company 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.
“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. It develops, produces and sells synthetic resins used for the production of coatings and printing inks. Its 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. Advent’s recent investments in the chemicals and materials sector include H.C. Starck, Maxam, Mondo Minerals, Oxea and Vinnolit.
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