Private equity firm Advent International has purchased Cytec Industries Inc.’s (NYSE: CYT) coating resins business.
The coatings business, which is headquartered in Brussels, will adopt a new name in the next few months. The company develops, produces and sells synthetic resins that are used to produce paints and coatings, as well as printing ink.
The company has about 2,000 employees working in 16 manufacturing facilities, 13 research and technology centers and two joint ventures in Korea and Japan. Terms of the transaction were not disclosed.
Boston-based Advent has invested more than 280 buyout transactions in 36 countries. Its portfolio companies include NCS Energy Services, Serta Simmons Holdings and Party City.
Cytec, headquartered in Woodland Park, N.J., is a specialty chemical and material company that develops products for the aerospace, adhesives, automotive, mining and other industries.
The deal comes just after Mexichem SAB de CV picked up the remaining resin assets of PolyOne Corp. (NYSE: POL) for $250 million.