Cytec Industries has entered into a $5.5 billion merger agreement with Brussels-based Solvay. “This union will enhance our businesses ability to drive their strategy of value creation through strengthening and leveraging our market and technology leadership positions in high growth end markets,” said Shane Fleming, chairman, president and CEO, Cytec.
Jean-Pierre Clamadieu, CEO of Solvay, said, “This merger marks a major step toward Solvay’s portfolio upgrade and enables us to strengthen our technology offerings to include advanced materials technology for the aerospace and automotive industries as well as integration of Cytec’s specialty chemical portfolio into our existing line of advanced formulations. We look forward to working with Cytec’s excellent teams and to creating additional value for all our stakeholders.”
The merger is subject to customary closing conditions, including regulatory approvals and shareholder approvals. The transaction is expected to close in the fourth quarter of 2015.