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Cytec Industries Inc. (CYT)

  • Oct. 9, 2012, 7:54 AM
    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)
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  • Aug. 24, 2012, 5:21 PM
    Several bidders have emerged for Cytec's (CYT +2.2%) coating-resin business, which the company put on the block in May and which could fetch $1.3B, WSJ reports. Among those said to be eyeing the business are PE firms Advent, Apollo Global (APO) and Blackstone (BX). Shares popped just before the close on the news.
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  • May. 21, 2012, 8:30 AM
    Cytec Industries (CYT) begins the process of selling its coating resins business and hopes to complete a deal by the end of 2012. The unit is having a tough time because of weakness in housing and manufacturing, particularly in Europe, although coating products accounted for half of Cytec's 2011 revenues.
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  • Apr. 12, 2012, 11:46 AM
    Cytec Industries (CYT +4.4%) trades higher after saying that it will acquire composite materials company Umeco for $434M. The firm estimates the deal to add EPS accretion of approximately $0.20/share in 2012 and $0.65/share in 2013.
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Company Description
Cytec Industries Inc is a specialty materials and chemicals company. It is engaged in developing, manufacturing and selling value-added products. It offers aerospace materials, industrial materials, in process separation, and additive technologies.