Cytec snaps up Formula One composite maker
Friday 13 April 2012
Umeco, the manufacturer behind the strong but light composite material used to build every Formula One car on the grid, was yesterday sold to a rival for £274m.
The chemicals maker Cytec Industries offered 550p a share for Umeco. Umeco's board and major shareholders BlackRock, Hermes and Aberforth, who hold about a third of its stock, are backing the acquisition.
Umeco specialises in making high-performance composites of chemicals and fibre glass, which are used for the blades of wind farms, military drones and the new Foxhound army vehicle, as well as for F1 cars. The company counts Boeing, Airbus and BAE Systems among its customers, and is also providing its composites for the Bloodhound Project, a 1,000mph world land speed record-breaking attempt with a rocket-propelled car.
Cytec's chief executive, Shane Fleming, said the deal "greatly improves [his company's] presence in the industrial sector."
- 1 What happens to your body when you give up sugar?
- 2 Licence fee: What is the BBC charge – and how will the changes affect you?
- 3 This is what the photographer has to say about the picture of a weasel riding a woodpecker
- 4 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Bill Clinton portrait features Monica Lewinsky reference, artist admits
Japanese island overrun with cats after population explodes
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
Pornhub turns masturbation into energy in bid to save the planet
The 'sex selfie stick' lets you FaceTime the inside of a vagina
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...
£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...