ADVANCED composites business Umeco has been acquired by rival Cytec UK Holdings in a deal valued at £274m.

In a statement to the stock market, the Leamington Spa-based plc said it considered the terms of the acquisition to be fair and reasonable.

The acquisition will be funded using Cytec existing cash resources and made through holding company Cytec Bidco.

Cytec UK, based in Wrexham, is part of the New Jersey-headquartered Cytec group which is a global player in the speciality chemicals and materials s......for the full story register now for free or login below...