Cytec to Acquire American Materials
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Cytec Industries Inc., an aerospace chemicals giant with two factories in Orange County, said Thursday it has agreed to acquire Los Angeles-based American Materials & Technologies Corp. in a stock and debt assumption deal valued at $38 million.
The acquisition is not expected to threaten jobs at either of Cytec’s local plants in Anaheim and Orange. In all, the company employs about 350 workers at the two facilities, which manufacture adhesives and primers for the aerospace industry.
Cytec, based in New Jersey, said it will issue about $31 million worth of its stock to America Materials shareholders--a deal that values American Materials at $6 per share--and assume about $7 million of the company’s debt.
American Materials employs about 100 workers at its Culver City Composites plant, a manufacturer of aerospace resins, coatings and composite materials for aircraft interiors, and has a second subsidiary, Grafalloy, that employs about 75 people in El Cajon in the manufacture of graphite golf club shafts.
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