Cytec completes $439m acquisition of UK-based materials firm Umeco

20 July 2012 15:20  [Source: ICIS news]

HOUSTON (ICIS)--Cytec Industries has completed its $439m (€356m) acquisition of UK-based composite and process materials firm Umeco, the US specialty chemicals and materials firm said on Friday.

Cytec said the acquisition, which was announced in April, will support its strategy to expand its presence in the industrial sector and to strengthen its advanced composites business.

"We are confident the acquisition strengthens our position as a leading manufacturer of advanced composite materials and offers significant opportunities for growth and value creation,” CEO Shane Fleming said.

Cytec will initially report Umeco's results as a separate segment. However, beginning next year, the company expects to reorganise its engineering segment and Umeco into two new segments - aerospace and industrial materials, it said.

($1 = €0.81)

By: Stefan Baumgarten
+1 713 525 2653

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