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

May 21, 2022

Sika opens new manufacturing plant in Bolivia 

Chemical Value Chain

Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.

May 21, 2022

Chevron increases renewable fuel market share with REG acquisition

Chemical Value Chain

Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

May 21, 2022

Lotte Chemical to invest $8 bn on hydrogen energy, battery materials by 2030

Chemical Value Chain

Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.