In a move aimed at bolstering its chemicals portfolio, private equity firm Advent International said Tuesday that it has agreed to acquire the coating resins unit of Woodland Park, New Jersey–based Cytec Industries Inc. in a deal worth $1.15 billion, including assumed debt.
The Brussels-based Cytec business changing hands produces synthetic resins used in a variety of coating products, from paints to printing inks. The unit generated roughly $1.6 billion in revenue last year in what Advent and Cytec estimate is a $30 billion worldwide market for coating resins, according to Advent’s announcement of the deal.
