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The coating resins business of Cytec Industries Inc. (NYSE: CYT) has become an independent company. Cytec sold the business to funds affiliated with private equity firm Advent. The coating resins business will adopt a new brand name in the coming months.
Frank J. Aranzana is CEO of the coating resins business.
"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.”
The coating resins business is headquartered in Brussels, Belgium, and has operations throughout Europe, the United States and Asia. It develops, produces and sells synthetic resins used for the production of paints and coatings as well as printing inks. The portfolio also includes crosslinkers and additives.