Sector News

Cytec acquires equity position in Penso

October 29, 2015
Chemical Value Chain

Cytec Industries Inc. (CYT) announced today that it has acquired an equity position in Penso Holdings Ltd, a leading engineering services, vehicle conversion, and composite part manufacturing company headquartered in Coventry, United Kingdom.

The terms of the agreements will not be disclosed.

The companies have also signed a joint agreement to develop fast-curing, optimized composite materials product forms and rapid, cost-efficient composites processing technologies such as an innovative variation of hot compression molding, to accelerate the adoption of composite parts in serial automotive applications. This builds on Cytec’s resin formulation and application engineering expertise and on Penso’s leadership in composite part engineering and manufacturing.

Penso, a privately held company, is a leading engineering firm and trusted partner to several European OEMs, with proprietary state-of-the-art engineering, simulation, and manufacturing capabilities ideally suited for the design and serial production of structural composite parts. Penso is currently investing heavily in setting up automated capabilities to produce composite parts in large volumes for transportation applications including serial automotive and rail.

“Cytec has been making critical advances on its serial automotive materials and applications technology roadmap, through the development of novel rapid curing materials and product forms designed for automation, enabling high rate production of composite structures. This alliance with Penso strengthens our ability to jointly tailor materials, design and manufacturing technologies to maximize composite parts performance while minimizing finished part cost, and further establishes our companies as key partners to automotive and other industrial sectors OEMs for composites-intensive new programs. We look forward to working closely together and offer comprehensive composite solutions to our customers”, said Markus Aschauer, Vice President of Cytec Industrial Materials.

“I am very excited to have signed this agreement given Cytec’s strong technology and commitment to the high volume automotive market. We will be able to offer customers our joint engineering, materials and application expertise and work with them to develop integrated solutions to meet their needs. This agreement confirms our capability to support high volume serial automotive composite part production programs” said Daniel Hurcombe, Managing Director of Penso.

Source: Cytec

comments closed

Related News

January 29, 2023

Dow and 3M cut thousands of jobs

Chemical Value Chain

3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.

January 29, 2023

Sweden discovers Europe’s largest rare earths deposit

Chemical Value Chain

Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.

January 29, 2023

Avantium to supply Henkel with plant-based FDCA

Chemical Value Chain

Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).

How can we help you?

We're easy to reach