Belgium company becomes second in aerospace composite materials.
July 29, 2015
by ASSOCIATED PRESS
BRUSSELS — Belgium’s chemical group Solvay has announced it will buy US-based Cytec for $5.5 billion, making it the second biggest company in the aerospace composite materials market.
CEO Jean-Pierre Clamadieu said that the proposed acquisition “marks a major step change in Solvay’s portfolio upgrade” to expand into the markets of advanced materials in aerospace and the automotive industry as well as increase its know-how in mining chemicals.
The company said the acquisition would allow it to achieve annual synergies of over $110 million.
Solvay employs some 26,000 people in 52 countries. Cytec, based in New Jersey, has 4,600 employees worldwide.