WOODLAND PARK, N.J. (AP) — Chemical coating maker Cytec Industries Inc. says it has agreed to sell its coating resins business to private equity firm Advent International for $1.03 billion.
The deal also includes assumption of $118 million in debt. It is expected to close in the first quarter 2013.
Woodland Park, N.J.-based Cytec says the sale will allow it to focus on its high-growth areas of advanced materials and separation technologies, boosting returns for its shareholders.
The deal includes its radiation-cured resins, liquid coating resins, powder coating resins and amino crosslinkers product lines.
Cytec also says its board approved the repurchase of an additional $452 million in stock. That increases the company's total stock buyback authorization to $650 million.
Cytec says it plans to fund the buybacks with part of the cash proceeds from the sale of the coating resins business.