17 July 2012 13:51 [Source: ICIS news]
LONDON (ICIS)--The European Commission has cleared the planned acquisition of UK-based materials firm Umeco by ?xml:namespace>
The Commission’s investigation of the deal found that the merged Cytec-Umeco entity will continue to face a number of strong competitors in the markets in which it is active and that the proposed transaction therefore does not raise competition concerns, it said.
Cytec’s and Umeco’s activities overlap mainly in the manufacture and supply of "prepregs" - a specific form of advanced composite material used in aerospace, automotive and other applications, the Commission said.
In addition, there is an overlap in certain types of adhesives, it said.
Cytec announced the $439m (€360m) deal in April.
($1 = €0.82)
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