Cytec to acquire advanced composite materials company Umeco

Cytec Industries announced its firm intention to acquire all of the outstanding shares of Umeco plc (‘Umeco’), an international provider of advanced composite materials, in an all-cash transaction valued at approximately $439m (£274.3m based on a 1.60 exchange rate). The board of directors of Umeco intends to unanimously recommend the transaction to Umeco shareholders. The acquisition of Umeco will allow Cytec to further enhance and leverage its position as a technology leader in advanced composite materials. The transaction will expand Cytec’s presence in both aerospace and industrial applications, an area where Cytec sees excellent opportunities for growth and value creation.