March 12, 2014 - Woodland Park, NJ - Cytec Industries Inc. (CYT) announced today that it has acquired an equity position in C-CON Holdings GmbH, a leader in engineering, design and process development. The companies have also signed a joint development agreement to develop novel Carbon Fiber Reinforced Polymer (CFRP) processing techniques for high volume production for the serial automotive market, building on pioneering work done by C-CON, and leveraging Cytec`s materials development capabilities. Terms of the agreement will not be disclosed.
C-CON, a privately held company headquartered in Germany, is a recognized engineering partner to several European automotive OEM companies including BMW Group, Daimler, VW and Audi. They develop components and processes from the initial design through to readiness for series-production, while observing and meeting all customer requirements and legal regulations. These capabilities are of particular value in expanding the adoption of CFRP for large-volume automotive applications.
"Cytec has a leading position today in supplying Carbon Fiber Reinforced Polymers for high-end automotive applications. This alliance with C-CON marks an important step forward in demonstrating our commitment to pursue CFRP technology development to enable adoption into a broader automotive market," said Shane Fleming, Chairman, President, and CEO of Cytec.
"I am very excited to join forces with Cytec, as they are a materials technology leader and are demonstrating a real commitment to the automotive market. Together we can offer comprehensive solutions to our customers, from design to processes to materials, which will greatly facilitate the adoption of CFRP", said Michael Neuner, CEO of C-CON.
Cytec`s vision is to deliver specialty material and chemical technologies beyond our customers` imagination. Our focus on innovation, advanced technology and application expertise enables us to develop, manufacture and sell products that change the way our customers do business. Our pioneering products perform specific and important functions for our customers, enabling them to offer innovative solutions to the industries that they serve. Our products serve a diverse range of end markets including aerospace and industrial materials, mining and plastics.
For more information about Cytec please visit www.cytec.com.
C-CON Group has leadership in innovation and engineering for development, design, production and process management. Their customers are from the automotive, aeronautical and space industry.
C-CON`s service portfolio ranges from the initial idea right through to the realization of the finished product and thus covers the entire process chain.
Cytec Investor Relations
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Source: Cytec Industries Inc via GlobeNewswire