Cytec To Buy Umeco In Composites Push ...

Cytec Industries will acquire the British composites firm Umeco for about $439 million. With sales in its most recent fiscal year of $332 million, Umeco supplies advanced composites to the aerospace, defense, and industrial sectors. Cytec’s engineered materials business, which had sales last year of $908 million, is also a major composites supplier. CEO Shane Fleming says the purchase improves Cytec’s presence in the industrial sector, “where we see tremendous potential for significant value creation in applications like automotive as customers seek to reduce weight and CO₂ emissions.”