Cytec Industries may get back on M&A trail - CEO

02 October 2007 23:08  [Source: ICIS news]

By Joseph Chang

NEW YORK (ICIS news)--Cytec Industries could be back on the acquisition trail in 2008, said chief executive David Lilley on Tuesday.

“This year we’ve taken an M&A [mergers and acquisitions] vacation, but in 2008 we will be open to ideas,” said Lilley at CIBC World Markets’ 2nd Annual industrials Conference in New York. “We would do bolt-on acquisitions. We will not diversify.”

With acquisition opportunities lacking in mining chemicals and aerospace composites, Cytec will most likely seek deals in coating chemicals, or surface specialties.

“In this area we would look for technology acquisitions to broaden our portfolio,” said Lilley.

Cytec’s Surface Specialties business had 2006 sales of $1.52bn (€1.06bn). The unit is focused on growing it environmentally-friendly coatings systems such as rad-cure, powder coatings and waterborne systems, he said.

($1.00 = €.071)

By: Joseph Chang
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