(MENAFN) New Jersey-based specialty chemicals and materials company Cytec Industries Inc has agreed to sell its coating resins business to Advent International in a USD1.03 billion deal, Reuters reported.
The Boston, Massachusetts-based private equity firm will also assume Cytec's liabilities of USD118 million. The deal is expected to close in the first quarter of 2013, Cytec said.
Cytec initiated the process of selling its coating resins business in May, after a drop in demand in Europe and rising costs.
The company sold its self-adhesive business to German consumer goods company Henkel for USD105 million in the same month.
Coating products, which include varnishes and specialty paints, contributed half of Cytec's sales of about USD3 billion in 2011.
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