Cytec pays €1.5bn for chemical arm

Cytec Industries, a US maker of materials for the aerospace and car industries, agreed to buy the chemicals operations of UCB, Belgium’s largest drugmaker, for €1.5 billion to expand its coatings business.

Cytec will pay €1.28bn in cash and €225 million worth of its own stock.

The sale allows UCB to focus on its faster-growing drug business, which accounts for half its sales and three-quarters of its profit.