27 July 2001
27 July 2001
Cytec Industries Inc. has signed a Definitive Agreement to acquire the assets of the carbon fiber business of BP. The acquisition includes two manufacturing sites in Greenville, SC and Rock Hill, SC. The transaction is subject to normal closing conditions. Terms were not disclosed.
The BP carbon fiber business had sales in the first half of 2001 of $17 million of which 50% were sales to Cytec Fiberite Inc., a wholly owned subsidiary of Cytec Industries Inc., primarily for aircraft brake and military aircraft applications. Cytec Fiberite uses carbon fiber to reinforce an engineered resin matrix and produce a composite. Commercial and military aircraft manufacturers are increasingly replacing metal in aircraft with composites to achieve the same strength with less weight.
David Lilley, Chairman, President and Chief Executive Officer said, ""Cytec Fiberite is a global leader in advanced composites and structural film adhesives for the aerospace industry. Our acquisition of this business is important to ensure that Cytec has a high-quality, low-cost, uninterrupted supply of carbon fiber for its customers. ""As a producer of carbon fiber, Cytec's materials scientists can now work even more closely with our customers to rapidly develop and qualify new, high performance composite materials for aerospace and other emerging high growth applications.
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