Cytec acquire Umeco $439 million

Cytec to acquire Umeco for $439 million

10:44 AM, 12th April 2012
Cytec to acquire Umeco for $439 million

WOODLAND PARK, US: Cytec Industries has firm intention to acquire all of the outstanding shares of Umeco plc, an international provider of advanced composite materials, in an all-cash transaction valued at approximately $439 million. The acquisition of Umeco will allow Cytec to further enhance and leverage its position as a technology leader in advanced composite materials. The transaction will expand Cytec’s presence in both aerospace and industrial applications, an area where Cytec sees excellent opportunities for growth and value creation.

“We are excited about combining Umeco with Cytec’s existing advanced composites businesses. It greatly improves our composite presence in the industrial sector, where we see tremendous potential for significant value creation in applications like automotive as customers seek to reduce weight and CO2 emissions. In addition, the acquisition also enhances our near-term composite capacity while we complete capital investments over the next few years,” said Shane Fleming, Chairman, President and CEO, Cytec.  

“This transaction is consistent with our strategy to focus on profitable and growing segments where we can leverage our technological leadership. The acquisition of Umeco will provide us with additional scale, a dedicated supply chain well-tailored to the needs of the high performance industrial sector and application development capabilities that will help us respond quickly and effectively to customers’ needs,” explained Fleming.

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