Cytec will sell part of business
WOODLAND PARK, N.J. — Chemical coating maker Cytec Industries Inc. said Tuesday it has agreed to sell its coating resins business to private equity firm Advent International for $1.03 billion.
The Woodland Park, N.J.-based company said the sale will allow it to focus on its high-growth areas of advanced materials and separation technologies, boosting returns for its shareholders.
The company has a facility in North Augusta.
Yum Brands posts net income gain
LOUISVILLE, KY. — The owner of the Taco Bell, Pizza Hut and KFC chains says its third-quarter net income rose by 23 percent as its key China market posted stronger growth.
Yum Brands Inc. on Tuesday also raised its earnings guidance. Shares rose 4 percent in after-hours trading.
Profit came to $471 million, or $1 per share, in the three months ended Sept. 8, compared with $383 million, or 80 cents per share, a year ago. Revenue rose 9 percent to $3.6 billion.
Alcoa beats street despite big losses
Aluminum manufacturer Alcoa Inc. said Tuesday that it lost $143 million in the third quarter due to hefty one-time charges but the results topped Wall Street estimates.
Alcoa’s loss amounted to 13 cents per share. That compares with net income of $172 million, or 15 cents a share, a year ago.
Excluding $175 million in charges, Alcoa earned $32 million, or 3 cents per share.