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Cytec Closes Umeco Acquisition
8:45 AM MDT | July 20, 2012 | Vincent Valk
Cytec has closed its $439 million acquisition of Umeco (Leamington Spa, UK), a composites maker. The deal is expected to be "immediately accretive" to Cytec's earnings, with EPS accretion for 2012 totaling 20 cts/share. Yesterday, Cytec CEO Shane Fleming said he expected the deal to close "imminently." Umeco will be reported a seperate segment within Cytec for the duration of 2012. Thereafter, Umeco and Cytec's engineered materials segment will combine to form two new segments focused on aerospace and industrial materials...
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