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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections