Press Releases
Contact:
Jodi Allen
Investor Relations
(973) 357-3283
Cytec
Announces Restart of Carbon Fiber Expansion
Also Expanding Composites Manufacturing in US
Woodland Park, New
Jersey, June 5, 2012 – Cytec Industries Inc.’s (NYSE:CYT) Board
of Directors has approved restart of a carbon fiber
manufacturing expansion project at the company’s Piedmont, South
Carolina facility as well as commencement of a prepreg
manufacturing expansion project at the company’s site in
Greenville, Texas. Both projects support growing demand for
Cytec’s composite materials in the aerospace industry.
The project in South Carolina will provide additional capacity
for manufacture of our polyacrylonitrile-based (PAN-based)
carbon fiber production including precursor manufacturing and
carbonization. Cytec uses these fibers in the manufacture of
carbon fiber reinforced composite prepregs which are widely used
in both commercial and military aerospace applications.
Construction is expected to be completed by the end of 2013 with
industrial fiber production expected in 2015 and aerospace
qualified fiber production expected in 2016.
The Greenville, Texas project includes a building expansion and
associated infrastructure to support a new impregnation line
which will increase the site’s prepreg capacity by 20%.
Commercial production in the new facility is expected to begin
in 2015. David Snyder, Vice President of Operations for
Engineered Materials, added, “We are excited about the growth of
our production capabilities in Greenville and Piedmont and what
it means for both our customers and the communities in which our
facilities operate. We look forward to continuing our strong
relationships and to continued growth and success of our
operations at both sites.”
In addition to the above expansions, Cytec’s Michigan site is
increasing its KM polymer capacity, an important raw material
used in the production of certain prepregs. The first phase of
this project is expected to be completed by the end of 2012 and
will increase capacity by 25%. A second phase of expansion is
also planned which will double the capacity for this material by
early 2014.
The combined expansions will provide capacity for growing demand
from the Joint Strike Fighter, new Boeing progams such as 787
and 747-8, new Bombardier programs, and general build rate
increases in Cytec’s legacy civil transport, business jet, and
helicopter businesses. “Aerospace manufacturers are increasingly
turning to composite materials to reduce aircraft weight and
improve fuel efficiency. Our investments in carbon fiber and
prepreg show our commitment to supporting the industry growth by
optimizing supply capability for our customers,” said Bill Wood,
President, Engineered Materials.
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.
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