Solvay Agrees to Buy Cytec for $5.5 Billion

Solvay SA, the Belgian maker of chemicals and plastics, agreed to buy Cytec Industries Inc. for $5.5 billion to become the world’s second-largest producer of aerospace composite materials.

Shareholders of Cytec will receive $75.25 a share in cash, the Brussels-based company said on July 29. That’s 29 percent higher than the July 28 closing price for Woodland Park, New Jersey-based Cytec.

The transaction is part of Chief Executive Officer Jean-Pierre Clamadieu’s strategy to shift Solvay away from commodity products. The 152-year-old company is focusing on more specialized polymers used to replace heavier metal parts in cars, appliances and airplanes. Cytec ...