{"id":24622,"date":"2012-04-12T10:44:00","date_gmt":"2012-04-12T10:44:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/cytec-cyt-up-after-acquisition\/24593\/"},"modified":"2012-04-12T10:44:00","modified_gmt":"2012-04-12T10:44:00","slug":"cytec-cyt-up-after-acquisition","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/cytec-cyt-up-after-acquisition\/24622\/","title":{"rendered":"Cytec (CYT) UP after Acquisition"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p>Shares of Cytec Industries Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=CYT\"><strong><a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>:CYT<\/strong><\/a>) are rallying over 11% in morning trade after the company entered into a definitive agreement to acquire England based Umeco plc, an international provider of advanced composite materials, in an all-cash transaction valued at approximately $439 million.<\/p>\n<p>The acquisition of Umeco will allow Cytec (CYT) to further solidify and leverage its position as a technology leader in advanced composite materials. The transaction will expand Cytec`s presence in both aerospace and industrial applications, an area where Cytec sees further opportunities for growth and value creation.<\/p>\n<p>&#8220;We are excited about combining Umeco with Cytec`s existing advanced composites businesses.\u00a0 It greatly improves our composite presence in the industrial sector, where we see tremendous potential for significant value creation in applications like automotive as customers seek to reduce weight and CO2 emissions. \u00a0In addition, the acquisition also enhances our near-term composite capacity while we complete capital investments over the next few years,&#8221; said Shane Fleming, Chairman, President and Chief Executive Officer.<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>&#8220;This transaction is consistent with our strategy to focus on profitable and growing segments where we can leverage our technological leadership.\u00a0 The acquisition of Umeco will provide us with additional scale, a dedicated supply chain well-tailored to the needs of the high performance industrial sector and application development capabilities that will help us respond quickly and effectively to customers` needs.&#8221;<\/p>\n<p>Neil Johnson, Non-executive Chairman of Umeco, commented, &#8220;Umeco is an excellent fit with Cytec, which can draw on Umeco`s technological capabilities, infrastructure and existing customer base as it continues to build on its industry-leading expertise in advanced composite materials.\u00a0 Further, the acquisition will expand and enhance Cytec`s product and service offering with the addition of the Process Materials business.&#8221;<\/p>\n<p>Analysts say a counter bid for Umeco though unlikely may come from rival Hexcel corp. (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: HXL). &#8220;If there were to be a counter bid, Hexcel would be the likeliest candidate, but in our view this is likely to prove a knockout bid,&#8221; N+1 Brewin analysts James Tetley and Jon Lienard said in a client note.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/jp-morgans-q1-earnings-beat-estimates-jpm\/24788\"><br \/>\nJP Morgan\u2019s Q1 Earnings Beat Estimates (JPM)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-lower-for-the-week-2\/24786\"><br \/>\nStocks End Lower for the Week<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/coinstar-shares-rally-cstr\/24771\"><br \/>\nCoinstar Shares Rally (CSTR)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-fall-2\/24769\"><br \/>\nGold Prices Fall<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-sharply-lower-on-china-growth-worries-euro-zone-debt-crisis\/24767\"><br \/>\nStocks End Sharply Lower on China Growth Worries, Euro Zone Debt Crisis<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-fall-sharply\/24742\"><br \/>\nGold and Silver Prices Fall Sharply<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-lower-finish-27\/24738\"><br \/>\nStocks Headed for a Lower Finish<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Shares of Cytec Industries Inc. (NYSE:CYT) are rallying over 11% in morning trade after the company entered into a definitive [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[3],"tags":[301],"class_list":["post-24622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-cytx"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/24622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=24622"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/24622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=24622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=24622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=24622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}