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Cytec to get value from its underperforming coating resins business

October 24/2011

(ICIS) -- Cytec is looking at “all options” to get value from its underperforming coating resins business, including a possible divestment, the CEO of the US-based specialty chemicals firm said on Friday. Cytec’s coating resins business is seeing a slowdown in demand in a number of its markets, particularly in Europe, its largest market, chief executive Shane Fleming said. “We are currently reviewing all options for this business,” Fleming told analysts during Cytec’s third-quarter results conference call.

Fleming would not rule out a divestiture. Other options may include shutting down portions of the business. However, given that the various segments of Cytec’s coating resins business share equipment, it would be challenging to “disentangle” the assets, he said.

In a step to improve the business, Cytec is closing its powder coating manufacturing site in Brazil, Fleming added. While Brazil remains an important growth market, Cytec did not benefit from having local production there, he said.

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