Drying equipment

China National Drying Network News US specialty chemical manufacturer Cytec Industries Inc. announced on October 9 that it had agreed to sell its coating resin business to private equity firm Advent International for US$1.15 billion.

Under the terms of the deal, Advent will pay $1.032 billion plus $118 million in debt. This transaction is expected to be completed in the first quarter of next year.

The transaction includes radiation curing resin, liquid coating resin, powder coating resin and amino crosslinker product line. Cytec said that the sale will focus on the development of high-growth areas such as advanced materials and separation technologies.

On the same day, Cytec also announced that its board of directors has approved the increase in repurchase of 452 million U.S. dollars worth of shares, which will increase its share repurchase authority to 650 million U.S. dollars. The company said it plans to use part of its cash proceeds from the sale of its coating resins business for repurchases.


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