The coating resins business that was formerly part of Cytec Industries Inc. announced that it has become an independent company with the completion of the previously announced sale from Cytec to funds affiliated with Advent International. The coating resins business, which will adopt a new brand name in the coming months, is one of the leading global producers of coating resins with a broad product portfolio and leading market and technology positions.
“Today is an exciting first step on our journey as an independent company,” said Frank J. Aranzana, chief executive officer of the coating resins business. “We thank Cytec for its many years of support and now look forward to the next chapter in our continued growth. We believe our future holds great promise for our employees, our customers and our suppliers. With the support of Advent, an investment partner with proven expertise building strong global chemicals companies, and our talented employees around the world, we intend to pursue and achieve the many growth opportunities before us.”
The new company is performing well. It 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. Advent and the new company see many opportunities for further development.
“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.”