Cytec Industries Inc said it will sell its coating resins business to private equity firm Advent International for $1.03 billion, months after the specialty chemicals maker started a sale process prompted by falling demand in Europe and rising costs.Coating products, which include varnishes and specialty paints, contributed half of Cytec's sales of about $3 billion in 2011.Advent will also assume liabilities of $118 million.The sale is expected to close in the first quarter of 2013, Cytec said in a statement. JPMorgan advised Cytec on the deal.
Cytec Industries Inc. (Cytec) is a specialty chemicals and materials company focused on developing, manufacturing and selling value-added products. Shares of CYT remained unchanged at $64.70. In the past year, the shares have traded as low as $35.20 and as high as $70.07. On average, 484791 shares of CYT exchange hands on a given day and today's volume is recorded at 0.
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