BRUSSELS (AP) — Belgium's chemical group Solvay has announced it will buy U.S.-based Cytec for $5.5 billion, making it the second biggest company in the aerospace composite materials market.

In Wednesday's announcement, CEO Jean-Pierre Clamadieu said that the proposed acquisition "marks a major step change in Solvay's portfolio upgrade" to expand into the markets of advanced materials in aerospace and the automotive industry as well as increase its know-how in mining chemicals.

It said the acquisition would allow it to achieve annual synergies of over $110 million.

Solvay employs some 26,000 people in 52 countries. Cytec, based in New Jersey, has 4,600 employees worldwide.