24 July 2012
24 July 2012
Cytec Industries has completed the $439 acquisition of Umeco, supporting its growth strategy to expand the Company’s presence in the industrial sector and to strengthen its technology leadership in advanced composites.
“We are excited about the completion of this transaction and welcome Umeco employees to the global Cytec team,” said Shane Fleming, Chairman, President and Chief Executive Officer of Cytec. “We are confident the acquisition strengthens our position as a leading manufacturer of advanced composite materials and offers significant opportunities for growth and value creation. We are all committed to a successful integration of our businesses.”
Cytec explains that the transaction is expected to be immediately accretive to Cytec’s earnings per share with the EPS accretion for the remainder of 2012 estimated to be $0.20 per share. The acquired business will initially be reported as a separate segment. Cytec expects that commencing January 1, 2013 its Engineered Materials segment and the Umeco segment will be reformed into two new segments, one for aerospace and the second for industrial materials.
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