May 21 Specialty chemicals maker Cytec
Industries Inc said it has started the process of
selling its coating resins business, aiming to complete a deal
by the end of the year.
The company hired J.P. Morgan Securities as a financial
adviser for the process.
Cytec has been evaluating options for its coating resin
business, which is doing badly due to weakness in housing and
manufacturing, especially in Europe.
Coating products, which include varnishes and specialty
paints, contributed about half of Cytec's 2011 sales.
The company is increasing its focus on engineered materials,
separation and additive technology segments. In April, Cytec
announced plans to buy UK-based Umeco Plc, for about
Cytec's shares closed at $56.45 on Friday on the New York
Stock Exchange. They have risen about 30 percent so far this