Solvay has become the world’s second largest player in composite materials for aerospace following the completion of its purchase of Cytec. CEO Pierre Clamadieu said Solvay will now embark on a “swift and efficient” integration of Cytec which will be fully consolidated within the group as from Jan. 1 2016.

The purchase for $5.5 billion in cash gives Solvay entry into the aerospace and automotive markets for lightweight materials. “Cytec represents a decisive milestone in Solvay’s transformation and opens up new horizons for growth and innovation,” Clamadieu said.

Solvay expects to realize annual synergies of a minimum €100 million within three years of the acquisition.

Financing is nearly completed, comprising the issuance of around €4.7 billion senior and hybrid bonds and the ongoing €1.5 billion rights issue, for which results will be announced on or around Dec. 17.

Solvay will create two new Global Business Units (GBU). One GBU will group Cytec’s composite businesses Aerospace Materials and Industrial Materials, and form part of the Advanced Materials Segment.

The other will combine Cytec’s In Process Separation, Polymer Additives and Formulated Resins activities with Solvay’s phosphorus-based intermediates, and form part of the Advanced Formulations segment.