The acquisition supports Cytec's strategy to expand its presence in the industrial sector and to strengthen its technology in advanced composites.

Cytec Industries Inc (NYSE:CYT) is a speciality chemicals and materials company headquartered in Woodland Park, New Jersey, USA.

The Umeco (LSE: UMC.L) business will initially be reported as a separate segment. Cytec expects that from January 2013 its Engineered Materials segment and the Umeco segment will be reformed into two new segments, one for aerospace and the second for industrial materials.

"We are confident the acquisition strengthens our position as a leading manufacturer of advanced composite materials and offers significant opportunities for growth and value creation," says Shane Fleming, Chairman, President and CEO of Cytec.

"We are all committed to a successful integration of our businesses."