December 10, 2015 Updated 12/10/2015
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PRW
Solvay Solvay headquarters in Belgium
Solvay SA will target business opportunities in advanced lightweighting materials for the aerospace and automotive industries and in specialty chemicals for mining, following its acquisition of Cytec Industries Inc.
Following the 6.2 billion euro ($ 5.5 billion) deal, the Brussels, Belgium-headquartered chemicals giant will now create two new global business units.
Bill Wood has been appointed president of a unit featuring Cytec’s composite businesses in aerospace materials and industrial materials.
Mike Radossich has been appointed president of the advanced formulations segment, combining Cytec’s in process separation, polymer additives and formulated resins activities with Solvay’s phosphorus-based intermediates.
Solvay said it had nearly completed the financing of the acquisition. Cytec will be fully consolidated within Solvay as of Jan. 1.
Solvay chief executive Jean-Pierre Clamadieu, said: “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.
“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.”
Solvay expects to generate a minimum of 100 million euros in annual synergies within three years.
