Dear colleagues,
Solvay announced today an agreement to acquire the US-based company Cytec, making a major step change in our Group's transformation and in the upgrade of our portfolio towards more growth, less cyclical activities and higher returns.
More specifically, the proposed transaction would:
· Propel Solvay to world’s second largest player in aerospace composite materials;
· Accelerate our growth platform for Advanced Materials with a major push into composites;
· Reinforce our Advanced Formulations with the world’s number one mining chemical business.
Moreover, Cytec will significantly strengthen Solvay’s sustainability profile. Its offerings address the planet’s challenges, as well as the megatrends which Solvay has prioritized. Together, we will stand out stronger in reducing CO2 emissions through our lightweighting solutions and in dealing with the increasing scarcity of resources through more efficient and cleaner mining technologies.
Cytec has some 4,600 employees. Its composites businesses will be integrated into Solvay’s Advanced Materials operating segment. Its mining chemicals as well as its niche additives and phosphine specialty chemical businesses will become part of Solvay’s Advanced Formulations segment.
Solvay expects annual synergies of more than € 100 million, to be substantially realized within three years chiefly through cost savings and excellence. On the revenue front, Solvay and Cytec are expected to leverage each other’s strengths to develop their positions in both the automotive and the aerospace sectors.
Solvay has offered to acquire 100% of Cytec for US$75.25 per share, implying a total enterprise value of US$6.4 billion. The transaction was unanimously recommended by Cytec’s and Solvay’s Boards of Directors. Solvay will finance it in part through a capital increase. The Board of Directors of our main shareholder Solvac has unanimously confirmed its support and intends to invest to maintain its stake in our Group at its current level.
This transaction, which we expect to close in the fourth quarter of 2015, will lead us to further accelerate our transformation.
Jean-Pierre Clamadieu
CEO
Dear colleagues, Solvay announced today an agreement to acquire the US-based company Cytec, making a major step change in our Group's transformation and in the upgrade of our portfolio towards more growth, less cyclical activities and higher returns. More specifically, the proposed transaction would: · Propel Solvay to world’s second largest player in aerospace composite materials; · Accelerate our growth platform for Advanced Materials with a major push into composites; · Reinforce our Advanced Formulations with the world’s number one mining chemical business.Moreover, Cytec will significantly strengthen Solvay’s sustainability profile. Its offerings address the planet’s challenges, as well as the megatrends which Solvay has prioritized. Together, we will stand out stronger in reducing CO2 emissions through our lightweighting solutions and in dealing with the increasing scarcity of resources through more efficient and cleaner mining technologies. Cytec has some 4,600 employees. Its composites businesses will be integrated into Solvay’s Advanced Materials operating segment. Its mining chemicals as well as its niche additives and phosphine specialty chemical businesses will become part of Solvay’s Advanced Formulations segment. Solvay expects annual synergies of more than € 100 million, to be substantially realized within three years chiefly through cost savings and excellence. On the revenue front, Solvay and Cytec are expected to leverage each other’s strengths to develop their positions in both the automotive and the aerospace sectors. Solvay has offered to acquire 100% of Cytec for US$75.25 per share, implying a total enterprise value of US$6.4 billion. The transaction was unanimously recommended by Cytec’s and Solvay’s Boards of Directors. Solvay will finance it in part through a capital increase. The Board of Directors of our main shareholder Solvac has unanimously confirmed its support and intends to invest to maintain its stake in our Group at its current level. This transaction, which we expect to close in the fourth quarter of 2015, will lead us to further accelerate our transformation.Jean-Pierre Clamadieu CEO
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