Belgium's Solvay is acquiring composites and plastic additives manufacturer Cytec Industries for $5.5 billion through a cash merger with one of its subsidiaries. The transaction is expected to close in the fourth quarter of 2015.
"The proposed acquisition of Cytec marks a major step change in Solvay's portfolio upgrade. It is a unique opportunity for Solvay to boost its customer offerings in lightweighting with advanced materials in aerospace and automotive, as well as to strengthen its know-how with activities in mining chemicals," said Jean-Pierre Clamadieu, CEO of Solvay. Cytec also sells light stabilizers, antioxidants and antistatic agents for polymers.
Headquartered in New Jersey with 4,600 employees across the globe, Cytec generated sales of $2 billion in 2014. It sources almost half of its sales from North America, nearly a third from EMEA, and the remainder from Asia Pacific and Latin America.