BRUSSELS, July 16 (Reuters) - U.S. speciality chemicals maker Cytec Industries won EU approval on Monday for its $439 million purchase of British-based materials manufacturer Umeco.
Cytec is looking to boost sales of composite materials to aircraft makers to offset slowing demand for its main product coating resins used in the housing and manufacturing sectors. Umeco makes materials for Formula One cars.
The European Commission said even though there were overlaps in the manufacture and supply of “prepregs” specialised materials and of some adhesives, this did not raise competition concerns.
“The Commission found that the merged entity would continue to face a number of strong competitors in the markets in which it is active and that the proposed transaction would therefore not raise competition concerns,” the EU watchdog said in a statement.