Cytec Industries Inc : Cytec Initiates Sale Process for Coating Resins Business
05/21/2012| 11:46am US/Eastern
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Contact:
Jodi Allen
Investor Relations
(973) 357-3283
Cytec Initiates Sale Process for Coating Resins Business
Woodland Park, New Jersey, May 21, 2012 - Cytec Industries
Inc. (NYSE:CYT) announced today 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."
Cytec has been pursuing a strategy to increase the focus on
its highly attractive Engineered Materials, In Process
Separation and Additive Technology segments. As part of this
strategy, Cytec retained J.P. Morgan Securities LLC to assist
in an analysis of alternatives available to effect a
separation of its entire Coating Resins business. As part of
this analysis, Cytec recently announced the sale of its
Pressure Sensitive Adhesive product line. Consistent with its
growth strategy, Cytec announced earlier this year the
acquisitions of Umeco plc, an international provider of
advanced composite materials and Star Orechem International
Private Limited, an India-based manufacturer of extraction
technology that supports the growth of the In Process
Separation segment.
Cytec does not intend to disclose developments regarding the
Coating Resins sale process until a transaction is announced,
which is estimated to occur later this year.
The Coating Resins segment includes the following product
lines: Radiation-Cured Resins (Radcure Resins), Liquid
Coating Resins and Additives (including Waterborne Resins,
Solventborne Resins, Urethane Resins and Additives), Powder
Coating Resins and Amino Crosslinkers.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions
contained herein, statements contained in this release may
constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.
Achieving the results described in these statements involves
a number of risks, uncertainties and other factors that could
cause actual results to differ materially, as discussed in
Cytec's filings with the Securities and Exchange
Commission.
Corporate Profile
Cytec's vision is to deliver specialty chemical and material
technologies beyond our customers' imagination. Our focus on
innovation, advanced technology and application expertise
enables us to develop, manufacture and sell products that
change the way our customers do business. Our pioneering
products perform specific and important functions for our
customers, enabling them to offer innovative solutions to the
industries that they serve. Our products serve a diverse
range of end markets including aerospace composites,
structural adhesives, automotive and industrial coatings,
electronics, inks, mining and plastics.
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