Press Releases
Contact: Jodi Allen
Investor Relations
(973) 357-3283
Cytec Purchases $88M of Cytec Stock
from Pension Plan
and Updates Status of Buyback Program
Woodland Park, New Jersey, April 29, 2013 –
Cytec Industries Inc. (NYSE:CYT) announced today that it has
completed the purchase of 1,184,273 shares of its common stock
from its US pension plans in a private transaction for $87.8
million. This amount represents all of the Cytec shares
contributed to the U.S. Pension Trust in May, 2009. Including
this transaction and open market purchases, Cytec has purchased
an aggregate of 3,077,063 shares for an aggregate of $228.4
million year to date, leaving approximately $321.7 million
available for future repurchases under the most recent board
authorization.
Dave Drillock, Vice President and Chief
Financial Officer commented, “We are pleased that we have been
able to complete more than half of the $650M stock buyback
program authorized by our Board of Directors in October 2012.
Subject to market conditions, we anticipate completing this
program by the end of this quarter. I am also pleased to share
that a $65M contribution to our US pension funds will be made
later this week, which will result in an essentially 100% fully
funded US pension plan status.”
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 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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