Press Releases
Contact:
Jodi Allen (Investor Relations)
(973) 357-3283
Cytec Announces Update to Operating
Segments
Woodland Park, New Jersey, April 18, 2013 – Cytec Industries
Inc. (NYSE:CYT) announced today a change in its business segment
reporting structure. The changes reflect a more strategic
approach to the Aerospace and Industrial Materials customers all
designed to support growth and opportunities unique to each
business. The new reporting structure is effective for the
first quarter of 2013.
Going forward, Cytec’s reportable operating segments will be as
follow:
- The Aerospace Materials segment
includes the Advanced Composites, Carbon Fiber, Structural
Film Adhesives, and the Aerospace product lines from Umeco.
All product lines were previously included in the Engineered
Materials segment with the exception of the Aerospace
product line which was previously included in the Umeco
segment.
- The Industrial Materials segment
includes the High Performance Industrial Products, Process
Materials, Structural Industrial, and the Distribution
Industrial product lines. All product lines were
previously included in the Umeco segment with the exception
of the High Performance Industrial Products which was
previously included in the Engineered Materials segment.
- The In Process Separation segment is
unchanged, and includes the Mining Chemicals and Phosphine’s
product lines.
- The Additive Technologies segment is
unchanged, and includes the Polymer Additives, Specialty
Additives, and the Formulated Resins product lines.
Shane Fleming, Chairman, President, and Chief Executive
Officer said, “Our new reporting segments reflect the realigned
operating structure of our business and will provide senior
management and investors visibility to the business results in
their respective end market segments.”
Reflecting these changes at the end of this release are segment
results for the years ended December 31, 2012 and 2011.
Also provided are each of the four quarters for the years 2012
and 2011. We have also filed a current report on Form 8-K
dated April 18, 2013 and attached as exhibits to such report
updated items from our Annual Report on Form 10-K for the year
ended December 31, 2012 that reflect the new segment reporting
structure. There is no change to our previously
reported Consolidated Statements of Income, Consolidated
Statements of Comprehensive Income, Consolidated Balance Sheets,
Consolidated Statements of Cash Flows, or Consolidated
Statements of Stockholders’ Equity for the periods reported
therein.
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 disclaims any
obligation to update or revise any forward-looking statements.
Corporate Profile
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.
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