Press Releases
CYTEC SELECTS SITE FOR
CARBON FIBER EXPANSION PROJECT
Proposed New Line Slated for Greenville, South Carolina
Feb. 15, 2007
WEST PATERSON, N.J. Cytec Industries Inc. (NYSE: CYT) has
completed the site selection for a carbon fiber expansion
project announced last year; with Greenville, S.C., chosen as
the location of the company’s proposed new facility. Employing
capital best practices, the project is in the assessment and
engineering definition phase. Pending final approval,
construction is expected to begin in 2008 with plant start-up
scheduled for early 2010. The expansion would double Cytec’s
carbon fiber manufacturing capacity and provide additional
capability to meet the demand for next-generation carbon fibers.
Cytec’s capital investment in the expansion, projected at
approximately $150 million, is in addition to a modernization
and recommissioning effort completed last year at the company’s
existing carbon fiber manufacturing site in Greenville, which
increased Cytec’s annual carbon fiber production capacity by 33
percent and added 60 new jobs. Cytec expects to add
approximately 225 additional skilled and professional jobs when
the expansion project is fully operational. Today, Cytec employs
nearly 290 at its carbon fiber plants in Greenville and Rock
Hill, South Carolina.
“We’re committed to meeting the increasing needs of our
customers for carbon fiber-based materials,” said Cytec
Executive Vice President and Chief Financial Officer James P.
Cronin, who led the site selection team. “We expect to benefit
from this strategic investment by focusing a large part of our
additional carbon fiber capacity on Cytec Engineered Materials’
advanced composites product line, which is experiencing
significant growth as aerospace composites use escalates.”
“Today’s announcement is another positive sign that our efforts
to improve the state’s business climate are paying dividends,”
said Gov. Mark Sanford. “Cytec is an innovative world leader and
this expansion enhances our state’s ability to compete in the
global economy for new high-tech, high-wage jobs. As well, given
Cytec's involvement in the aerospace industry, this announcement
certainly has potential in terms of future job creation,
investment and growth opportunities for many years to come.”
When the planned new facility goes online in 2010 it will
manufacture high volumes of Cytec carbon fibers such as THORNEL®
T300, T650 and T40/800, which are used by a variety of
commercial aerospace and military customers, as well as new
fibers currently under development.
“The proposed facility will be built adjacent to Cytec’s
existing Greenville carbon fiber plant and will leverage the
surrounding developed land, rail access and some of the current
infrastructure,” said Cytec Engineered Materials’ President
Steve Speak. “And when you factor in the pool of highly-skilled
talent already available and the in-depth training that the
South Carolina Technical College System can provide, South
Carolina’s value proposition is clear and compelling.”
Speak added, “Cytec’s history in Greenville County—combined with
the unflagging support and enthusiasm of the local, county,
state and federal organizations involved in this
project—significantly influenced our decision to invest here.
South Carolina is positioned for growth and we’re excited to be
part of that progress through the construction of a
state-of-the-art manufacturing facility.”
About Carbon Fiber
Carbon fibers act as a reinforcement material in advanced
composites used by aerospace and high-performance manufacturers
and offer advantages such as light weight, high tensile
strength, durability and resistance to corrosion and high
temperatures. More than 65 percent of Cytec’s carbon fiber
production is earmarked for internal use by Cytec Engineered
Materials in the manufacture of advanced composites, with the
balance being sold to third-party materials manufacturers
focused on the aerospace industry.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained
herein, statements contained in this release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Achieving the results
described in these statements involves a number of risks,
uncertainties and other factors that could cause actual results
to differ materially, as discussed in Cytec’s filings with the
Securities and Exchange Commission.
Cytec Engineered Materials Profile
Cytec Engineered Materials is a global provider of
technologically advanced materials for aerospace,
high-performance automotive, launch and other extreme-demand
applications. A business unit of Cytec Industries Inc., Cytec
Engineered Materials employs over 1,600 people at 10 plants and
four technology centers in North America and Europe and is
headquartered in Tempe, Ariz., U.S.A.
Corporate Profile
Cytec Industries Inc. is a global specialty chemicals and
materials company focused on developing, manufacturing and
selling value-added products with sales in 2006 of $3.3 billion.
Our products serve a diverse range of end markets including
aerospace, adhesives, automotive and industrial coatings,
chemical intermediates, inks, mining and plastics. We use our
technology and application development expertise to create
chemical and material solutions that are formulated to perform
specific and important functions in the finished products of our
customers.
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