BRUSSELS—Belgium’s chemical group Solvay has announced it will buy U.S.-based Cytec for $5.5 billion, making it the second biggest company in the aerospace composite materials market.
Solvay CEO Jean-Pierre Clamadieu said that the proposed acquisition “marks a major step change in Solvay’s portfolio upgrade” to expand into the markets of advanced materials in aerospace and the automotive industry as well as increase its know-how in mining chemicals.
The deal is expected to create annual synergies of over $110 million.
Solvay employs some 26,000 people in 52 countries.
Cytec, based in New Jersey, has 4,600 employees worldwide. It’s Canadian plant in Niagara Falls, Ont. produces chemicals for the mining, agriculture and pharmaceuticals sectors.