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.
"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)
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