(Reuters) - A number of bidders have emerged for the coating resins business of Cytec Industries Inc CYT.N that could raise up to $1.3 billion, The Wall Street Journal reported quoting sources familiar with the matter.
Earlier in May, the specialty chemicals maker had started the process of selling the segment, aiming to complete a deal by the end of the year.
The bidders include private-equity firms Advent International Corp, Apollo Global Management LLC (APO.N) and Blackstone Group LP (BX.N) along with Japan’s Mitsubishi Chemical Holdings Corp (4188.T), WSJ said. The private-equity arm of New York investment banking firm Rhône Group LLC has also bid for the unit.
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 UMC.L, for about $439 million.
The company representatives did not immediately respond to requests for comment outside of normal business hours.
Reporting by Sunayan Bhattacharjee in Bangalore