Cytec Completes Acquisition of UCB’s Surface Specialties Business

Cytec Industries Inc. has completed its acquisition of UCB’s Surface Specialties business. The transaction is valued at $1.797 billion.
David Lilley, chairman, president and CEO commented: ‘With this acquisition, Cytec becomes one of the world’s leading suppliers of specialty chemicals to the coatings industry, and creates a combined Cytec entity of approximately $3.0 billion.’
Cytec will operate the acquired Surface Specialties business as a separate segment, and will integrate the existing Coating and Performance Chemicals product lines into this new segment, which will be headquartered in Brussels, Belgium. Ben Van Assche, formerly Director-General of Surface Specialties, has been named president of Cytec Surface Specialties and will be elected an officer of Cytec and a
member of the company’s Executive Committee.

There will be no change to the operations of Innovia Films - formally a division of Surface Specialties.