Solvay Buying Cytec for $5.5 Billion

Reuters reported that Belgian chemical company Solvay (FWB:SOL) is planning on buying its US counterpart, Cytec Industries (NYSE:CYT) for $5.5 billion. Both Solvay and Cytec are involved in the separation of rare earth elements from concentrates.
As quoted in the publication:

Cytec, which makes most of its sales in North America, has 4,600 employees worldwide and annual sales of about $2.0 billion.
It makes composite and adhesive materials for the aerospace and automotive industries and reagent chemicals used in the mining sector for mineral processing and solvent extraction.
Solvay said in a statement on Wednesday it would pay $75.25 per share for Cytec in cash, which closed at $58.39 on Tuesday.

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