Belgian chemical maker Solvay has completed its acquisition of U.S.-based composite materials supplier Cytec.
The US$5.5 billion purchase was first announced in July 2015.
“Cytec represents a decisive milestone in Solvay’s transformation and opens up new horizons for growth and innovation. Solvay is now a leading provider of lightweighting materials for the aerospace industry,” said Jean-Pierre Clamadieu, CEO of Solvay. “Thanks to extensive preparations, we will now embark on a swift and efficient integration of Cytec’s businesses and its talented teams into Solvay and to accelerate value generation for our shareholders.”
In a statement, Solvay said that Cytec will be fully consolidated within the Solvay Group beginning January 1, 2016. Solvay also said it expects to generate a minimum of 100 million euros in annual sales within the next three years.
Solvay will also create two new global business units. The first group will combine Cytec’s aerospace materials and industrial materials composite businesses; the second will combine
Cytec’s in process separation, polymer additives and formulated resins activities with Solvay’s phosphorus-based intermediates.
Cytec, which is based in New Jersey, has 4,600 employees worldwide. Its Canadian plant in Niagara Falls, Ont. produces chemicals for the mining, agriculture and pharmaceuticals sectors.
