Cytec reinforces its position as a key composites partner in the serial automotive market by acquiring an equity position in ...
28 Ottobre 2015 - 9:05PM
October 28, 2015 - Woodland Park, NJ - Cytec
Industries Inc. (CYT) announced today that it has acquired an
equity position in Penso Holdings Ltd, a leading engineering
services, vehicle conversion, and composite part manufacturing
company headquartered in Coventry, United Kingdom. The terms of the
agreements will not be disclosed.
The companies have also signed a joint agreement
to develop fast-curing, optimized composite materials product forms
and rapid, cost-efficient composites processing technologies such
as an innovative variation of hot compression molding, to
accelerate the adoption of composite parts in serial automotive
applications. This builds on Cytec's resin formulation and
application engineering expertise and on Penso's leadership in
composite part engineering and manufacturing.
Penso, a privately held company, is a leading
engineering firm and trusted partner to several European OEMs, with
proprietary state-of-the-art engineering, simulation, and
manufacturing capabilities ideally suited for the design and serial
production of structural composite parts. Penso is currently
investing heavily in setting up automated capabilities to produce
composite parts in large volumes for transportation applications
including serial automotive and rail.
"Cytec has been making critical
advances on its serial automotive materials and applications
technology roadmap, through the development of novel rapid curing
materials and product forms designed for automation, enabling high
rate production of composite structures. This alliance with Penso
strengthens our ability to jointly tailor materials, design and
manufacturing technologies to maximize composite parts performance
while minimizing finished part cost, and further establishes our
companies as key partners to automotive and other industrial
sectors OEMs for composites-intensive new programs. We look forward
to working closely together and offer comprehensive composite
solutions to our customers", said Markus Aschauer, Vice
President of Cytec Industrial Materials.
"I am very excited to have signed
this agreement given Cytec's strong technology and commitment to
the high volume automotive market. We will be able to offer
customers our joint engineering, materials and application
expertise and work with them to develop integrated solutions to
meet their needs. This agreement confirms our capability to support
high volume serial automotive composite part production programs"
said Daniel Hurcombe, Managing Director of Penso.
For more information please contact:
Claire
Michel
Cytec - Industrial Materials
claire.michel@cytec.com
Jodi
Allen
Cytec - Investor Relations
Jodi.allen@cytec.com
Michael
Collins
Penso - Marketing Director
michael.collins@penso.co.uk
About
Cytec
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.
TRADEMARK NOTICE: The ® indicates a Registered
Trademark in the United States and the (TM) indicates a trademark
in the United States. The mark may also be registered, subject of
an application for registration, or a trademark in other
countries.
All trademarks are the property of their
respective owners.
About Penso
Penso is a world leading manufacturing specialist,
providing a complete turnkey engineering services to the
Automotive, Rail, Aerospace, and Defence and Renewable Energy
sectors across the globe. We pride ourselves on pushing the
boundaries of innovation in lightweight design from three
state-of-the-art facilities in the UK and India, investing millions
of pounds into new technology and in creating the highest skilled
workforce in our industry. This allows us to offer the latest
solutions in, Engineering Consultancy, Composite Technologies &
Special Projects, including niche vehicle build.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cytec Industries Inc via Globenewswire
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