Cytec Completes Acquisition of BP Carbon Fiber Business

07 September 2001

Cytec Industries has completed its previously announced acquisition of the assets of the carbon fiber business of BP. Its sales in the first half of 2001 were $17 million of which 50% were sales to Cytec.

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. This acquisition enhances our ability to maintain a high-quality, low-cost, uninterrupted supply of carbon fiber for our customers. Commercial and military aircraft manufacturers are increasingly replacing metal in aircraft with our composites, achieving the same or greater strength with less weight. Our integration team is in place and the transition is underway.""

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