Deals
Cytec to Sell Coatings Business to Advent for $1.03 Billion
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Cytec Industries Inc. agreed to sell its coatings unit to private-equity firm Advent International Corp. for $1.03 billion to focus on more profitable businesses that make carbon-fiber composites and chemicals.
The transaction is expected to close in the first quarter, Woodland Park, New Jersey-based Cytec said today in a statement. Advent, based in Boston, also will assume liabilities of $118 million.