02 April 2001
02 April 2001
Cytec Industries Inc. has acquired the composite materials business of 3M in an asset purchase for cash.
Other terms were not disclosed. The 3M composites business had 2000 sales of $15 million. ""Cytec Fiberite, a subsidiary of Cytec Industries, is the global leader in advanced aerospace composites and adhesives,"" said David Lilley, Chairman, President, and Chief Executive Officer of Cytec. ""Our aerospace composites portfolio will be enhanced by the complementary technologies and aircraft qualifications that we are acquiring from 3M. In addition, Cytec will acquire a position in the industrial composite market sector which will strengthen our other non-aerospace composites business.""
""Cytec Fiberite is a recognized leader in advanced composite materials, serving all sectors of the aerospace market,"" said Rosa Miller, General Manager of 3M's Adhesives Division. ""We have built a good business with products our customers need. Now, under Cytec Fiberite, they will continue to be supplied composites without interruption. We have new opportunities in the electronics, aerospace and industrial markets for our Adhesive Division products. Our resources will be used to strengthen our core competencies as well as pursue higher growth opportunities.""
Cytec Industries is a global technology leader in specialty chemicals and specialty materials with sales in 2000 of $1.5 billion of which Cytec Fiberite's sales were $415 million. Cytec's growth strategies are based on developing technologically advanced customer solutions for global markets including: plastics, industrial coatings, mining, water treatment and aerospace. Cytec is in the S&P Mid-cap 400 Index.
3M is a diversified manufacturing company with 2000 sales of over $16 billion. 3M has operations in over 60 countries and employs more than 74,000 people worldwide. Headquartered in St. Paul, Minn., 3M is an innovative supplier that focuses on six markets: Industrial; Consumer; Health Care; Transportation, Safety and Graphics; and, Specialty Materials Markets. Innovation and the creation of new products stem from 30 technology platforms such as: adhesives; abrasives; non-woven materials; microreplication; drug-delivery systems; and medical-surgical supplies.
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