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Contact:
Jodi Allen (Investor Relations)
(973) 357-3283
Cytec Announces Update to
Operating Segments
Woodland Park, New Jersey, April 19, 2012 – Cytec Industries
Inc. (NYSE:CYT) announced today a change in its business segment
reporting structure. The new reporting structure is effective in
the first quarter of 2012 and provides greater clarity on the
new strategic focus of the company. It also aligns with the
separation alternatives under consideration for Coating Resins
and Pressure Sensitive Adhesives. All product lines within the
scope of the separation evaluation are now under common
management and grouped into one financial reporting segment.
Going forward, Cytec’s reportable operating segments will be as
follow:
-
The Engineered
Materials segment now includes only the Advanced Composites,
Carbon Fiber, and Structural Film Adhesives product lines.
The Pressure Sensitive Adhesives product line has been
consolidated within the Coating Resins segment.
-
The In Process
Separation segment is unchanged, and includes the Mining
Chemicals and Phosphines product lines.
-
The Additive
Technologies segment previously included the Polymer
Additives and Specialty Additives product lines and now
includes the Formulated Resins product line. The Formulated
Resins product line was previously included in the
Engineered Materials segment.
-
The Coating
Resins segment includes the following product lines:
Radiation-Cured Resins (Radcure Resins), Liquid Coating
Resins and Additives (including Waterborne Resins,
Solventborne Resins, and Urethane Resins), Powder Coating
Resins, Amino Crosslinkers and Pressure Sensitive Adhesives.
Pressure Sensitive Adhesives was previously included in the
Engineered Materials segment.
Shane Fleming,
Chairman, President, and Chief Executive Officer said, “The
realignment of our reportable operating segments is consistent
with our long-term view of the company and it will allow us to
plan and execute on our strategy more effectively. As we
continue to shift our portfolio towards higher growth and margin
products, we will remain focused on building our growth
platforms to deliver double digit growth and returns to our
shareholders.”
Reflecting these changes at the end of this release are segment
results for the years ended December 31, 2011 and 2010. Also
provided are each of the four quarters for the years 2011 and
2010. We have also filed a current report on Form 8-K dated
April 19, 2012 and attached as exhibits to such report updated
items from our Annual Report on Form 10-K for the year ended
December 31, 2011 that reflect the new segment reporting
structure. There is no change to our previously reported
Consolidated Statements of Income, Consolidated Balance Sheets,
Consolidated Statements of Cash Flows, or Consolidated
Statements of Stockholder’s 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.
Corporate Profile
Cytec’s vision is to deliver specialty chemical and material
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. These 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 composites, structural adhesives,
automotive and industrial coatings, electronics, inks, mining
and plastics.
Segment
Results
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