Change is coming for Cytec in North Augusta.
By the end of the year, it should be a new owner.
The New Jersey-based chemical company started the process of selling off its coating resins business – chemicals used in paint.
The North Augusta facility and about 16 others across the globe make coating resins, which is Cytec’s largest business segment, but one that has been struggling due to weakness in housing and manufacturing.
Cytec’s financial advisor, J.P. Morgan Securities LLC, is going to help with the business unit sale.
The scuttlebutt about buyers from analysts is a $675 to $900 million pricetag for the whole business unit from a coating company or equity firm. And, unlike GlaxoSmithKline’s attempt to sell of alli, which is make in Aiken County, Cytec does not intend to disclose developments regarding the sale process until a transaction is announced, which is estimated to occur later this year.
Cytec is doing this so that it can focus more on metal-processing chemicals and composites. It has been buying up companies in India that are specializing in where it wants to grow.
NOT THE COAT YOU WEAR: Graniteville Specialty Fabrics sent news that it purchased two coating machines.
The company puts coatings on fabric. Sometimes it is water proofing, fire retardant, resistance to UV rays. (Think heat resistant iron board covers and water proof boat awnings.)
The new machines will help the company grow its custom coating capabilities, said Jim Egan, president of Graniteville Specialty Fabrics.
The coaters are built with high-tolerance machining practices and digital set point technology which allows for absolute repeatability of required coating specifications.
HOW MUCH IS LEG ROOM WORTH? Delta Airlines is going to start offering its economy “comfort” seats on more than just the long haul international flights. Now flights to Los Angeles and Las Vegas, for example, will have Delta selling the comfort seats after June 7. The introductory fee is between $19 to $99 more per ticket, depending on how far you’re going.
What do you get for comfort economy? You can enjoy 3 to 4 inches of more leg room. And you get to board first.
It will be available in the first three to five rows of the economy cabin on more than 550 of Delta’s mainline aircraft.