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Cytec to Acquire Composites Maker Umeco for $439 Million

6:56 AM MDT | April 20, 2012 | —Vincent Valk and Robert Westervelt

Fleming: Acquisition immediately accretive. Cytec Industries has reached a deal to acquire Umeco (Leamington Spa, U.K.), a maker of advanced composite materials for industrial and aerospace applications, in an all-cash transaction valued at £274.3 million ($439 million). Cytec has agreed to pay £5.50 in cash for each Umeco share, a premium of 46.3% to the closing price on April 11, the last trading day prior to the announcement. The deal is expected to close in the third quarter of 2012, Cytec says. Cytec also reported that it expects first-quarter...

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