US-based specialty chemicals maker Cytec Industries Inc today said that it has agreed to buy British aerospace parts supplier Umeco Plc, for about $439 million in order to expand its composites business.
The acquisition greatly improves our composite presence in the industrial sector," said Shane Fleming, CEO of Cytec. "The acquisition also enhances our near-term composite capacity while we complete capital investments."
Founded in 1917 and based in Leamington Spa, UK, Umeco is an international provider of advanced composite materials, primarily to the aerospace and defence, and the automotive industries.
Serving high growth, global end markets, Umeco's Structural Materials business focuses on the development, manufacture and supply of advanced composite materials, and its process materials business focuses on the development, manufacture and supply of processing materials for the composites industry.
Umeco, which has Boeing, Airbus, BAE Systems and Formula One racing cars as its customers, reported revenues of £207 million ($332 million) in its financial year ended 31 March 2011.
The acquisition of Umeco will allow Cytec to 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.