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CYTEC BREAKS
GROUND ON CARBON FIBER EXPANSION FACILITY.
Commissioning in Greenville, South Carolina slated for early
2010
WEST PATERSON, N.J. (May 28, 2008) — Cytec Industries Inc.
(NYSE: CYT) held a groundbreaking ceremony today, marking the
company’s first construction phase of its new carbon fiber
manufacturing plant expansion in Greenville, S.C. Construction
is scheduled for completion in 2009, with plant commissioning
slated for early 2010. This first-phase $200-$250 million
project includes capacity expansion for PAN precursor and fiber
carbonization and it will provide additional capability to meet
the demand for next-generation carbon fibers.
U.S. Rep. Bob Inglis (R-SC), South Carolina Secretary of
Commerce Joe Taylor, Greenville County Council Chairman H.G.
(Butch) Kirven, and Greenville Area Development Corporation
Chairman Jay Rogers joined leaders from the state, county, city
and community in celebrating this significant milestone. Cytec
Engineered Materials’ President Steve Speak thanked each of the
representatives and their agencies for coordinated support of
the project. “There were many reasons why Greenville, S.C. was
selected for our new expansion,” he told the more than 100
attendees. “South Carolina and Greenville, in particular, was
our number one location choice because the entire South Carolina
team collaborated to create a unique offering. From its
talented, skilled and capable workforce to its ready
infrastructure, South Carolina provides an enabling environment
for Cytec’s advanced materials growth. It is clear that every
one here today is committed to helping Cytec compete and succeed
in every phase of our project.”
“A number of global aerospace and advanced composite firms now
call South Carolina home and Cytec’s expansion is evidence that
our commitment to this high-tech industry is paying off,” said
U.S. Rep. Bob Inglis. “Cytec is very thankful to the entire
South Carolina Congressional Delegation for investing not only
in manufacturing, but also in fundamental scientific research,
right here in South Carolina, to develop next-generation carbon
fibers anticipated for future aerospace platforms,” Speak added.
“Our customers depend on a supply of Cytec’s THORNEL® carbon
fibers for the most demanding structural applications and they
rely on us to be at the forefront in terms of new technology
innovations. Our employees, many who are here celebrating with
us today, meet that challenge daily.”
“Today’s groundbreaking marks yet another step toward enhancing
South Carolina’s presence as a globally recognized player in
advanced materials and the aerospace industry. Cytec is a world
provider of state-of-the-art composites including advanced
carbon fiber utilized in the aerospace and automotive
industries. While Cytec has been a strong corporate citizen in
South Carolina for a number of years, their decision to grow in
our state is a positive reflection of the state’s skilled
workforce, business-friendly climate and the strength of our
manufacturing sector,” said Joe Taylor, Secretary of Commerce.
“Expanding our carbon fiber operations in Greenville
demonstrates Cytec’s belief in and commitment to Greenville and
the state of South Carolina,” said Speak. “Our project execution
pace is accelerating and we remain on schedule due, in large
part, to Western Carolina Regional Sewer Authority, Metropolitan
Sewer Sub-District, Duke Energy, S.C. Department of Health and
Environmental Controls and the S.C. Highway Department. Your
cooperation and the support from the community are vital and we
look forward to a strong and fruitful alliance as we construct
our new state-of-the-art manufacturing facility.”
About Carbon Fiber
Carbon fibers act as a reinforcing material in advanced
composites used by aerospace and high-performance manufacturers
and it offers 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 1,700 people at 11 plants and
four technology centers in North America, Europe and China 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 2007 of $3.5 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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