£274m bid for UK firm Umeco

BRITISH aerospace parts supplier Umeco is set to be bought by American firm Cytec after the board recommended a £274m takeover bid.

The offer of 550p a share pushed Umeco shares up 48 per cent yesterday and Cytec said it had commitments from the top three shareholders to vote in favour of the deal. The Leamington Spa-based firm, which counts Boeing, Airbus and BAE Systems among its customers, also works for Formula One teams.