$5.5bn deal launches Solvay into aerospace materials business

Speciality chemicals maker Solvay has agreed to buy US composite materials specialist Cytec for $5.5 billion (£3.5 billion) in cash, and take on around $900 million of Cytec’s debt.

The move catapults Solvay into the aerospace materials sector, thanks to Cytec’s expertise in lightweight composite materials. Solvay also intends to apply this expertise to the automotive industry, where it has established relationships with manufacturers to promote introduction of lighter materials beyond the luxury and high-performance vehicle markets.