Cytec Completes Acquisition of Umeco
(Thomson Reuters ONE) -
Cytec Completes Acquisition of Umeco
Woodland Park, New Jersey, July 20, 2012 - Cytec Industries Inc. (NYSE:CYT)
announced today the completion of its acquisition of Umeco Plc (LSE: UMC.L), an
international provider of advanced composite and process materials. The $439
million acquisition supports Cytec's growth strategy to expand the Company's
presence in the industrial sector and to strengthen its technology leadership
in advanced composites.
"We are excited about the completion of this transaction and welcome Umeco
employees to the global Cytec team," said Shane Fleming, Chairman, President and
Chief Executive Officer of Cytec. "We are confident the acquisition strengthens
our position as a leading manufacturer of advanced composite materials and
offers significant opportunities for growth and value creation. We are all
committed to a successful integration of our businesses."
The transaction is expected to be immediately accretive to Cytec's earnings per
share with the EPS accretion for the remainder of 2012 estimated to be $0.20
per share. The acquired business will initially be reported as a separate
segment. Cytec expects that commencing January 1, 2013 its Engineered Materials
segment and the Umeco segment will be reformed into two new segments, one for
aerospace and the second for industrial materials.
The closing follows the receipt of all necessary regulatory and other approvals,
including the approval of Umeco stockholders.
Use of Non-GAAP Measures
Management believes that earnings per share before special items, which is a
non-GAAP measurement, is meaningful to investors because it provides a view of
the Company with respect to ongoing operating results. Special items represent
significant charges or credits that are important to an understanding of the
Company's overall operating results in the period presented. Such non-GAAP
measurements are not recognized in accordance with generally accepted accounting
principles (GAAP) and should not be viewed as an alternative to GAAP measures of
performance.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein,
statements contained in this release may constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Achieving the results described in these statements involves a number of risks,
uncertainties and other factors that could cause actual results to differ
materially, as discussed in Cytec's filings with the Securities and Exchange
Commission.
Corporate Profile
Cytec's vision is to deliver specialty chemical and material technologies beyond
our customers' imagination. Our focus on innovation, advanced technology and
application expertise enables us to develop, manufacture and sell products that
change the way our customers do business. Our pioneering products perform
specific and important functions for our customers, enabling them to offer
innovative solutions to the industries that they serve. Our products serve a
diverse range of end markets including aerospace composites, structural
adhesives, automotive and industrial coatings, electronics, inks, mining and
plastics.
Jodi Allen
Investor Relations
(973) 357-3283
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cytec Industries Inc via Thomson Reuters ONE
[HUG#1628173]
Unternehmensinformation / Kurzprofil:
Datum: 20.07.2012 - 14:34 Uhr
Sprache: Deutsch
News-ID 167274
Anzahl Zeichen: 4232
contact information:
Town:
New Jersey - NJ
Kategorie:
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