Cytec Industries shareholders today approved Solvay’s (Brussels) $6.4-billion takeover of the company.
The deal received support from 99.3% of the votes cast, with a total of 84.1% of outstanding shares voted. Cytec expects the deal to close in December pending satisfaction or waiver of remaining closing conditions, including US national security reviews and approvals.
Cytec and Solvay are working with the US Department of Defense Security Service (DSS) on a detailed foreign ownership, control or influence (FOCI) mitigation agreement, Cytec says. Written approval from DSS to operate Cytec’s business pursuant to a FOCI mitigation arrangement is a closing condition for the deal.
The deal has cleared the US antitrust review waiting period and applicable filings with respect to foreign antitrust or competition laws have been completed by Cytec and Solvay and the related conditions to closing in Israel, Mexico, South Korea, Turkey and Ukraine have been satisfied, Cytec says.
The deal marks a bet by Solvay on sustained growth in automotive and aerospace carbon fiber–based composites, Cytec’s core businesses. Aerospace materials account for half of Cytec’s sales, and the company forecasts annual growth of 8–10% over the new few years, citing significantly higher composite use on new planes, increasing passenger traffic, increasing air freight, and a growing commercial order backlog.
The broader adoption of carbon fiber composites in automotive is also expected to boost composites’ demand through the end of the decade, and Cytec has worked with automotive original equipment manufacturer partners to develop technologies to enable the mass production of cars using composites. Industrial materials, which includes composites for automotive, accounted for 16% of Cytec sales in 2014.
By Robert Westervelt
Source: Chemical Week
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