Cytec Industries (CYT) agrees to sell its coating resins business to P-E firm Advent for $1.03B...

|About: Cytec Industries Inc. (CYT)|By:, SA News Editor

Cytec Industries (CYT) agrees to sell its coating resins business to P-E firm Advent for $1.03B and $118M in liabilities, having started the sales process in May following declining demand in Europe and increasing costs. The unit, which includes varnishes and specialty paints, contributed half of Cytec's 2011 revenues of $3B. (PR)