Press Releases
CYTEC ASSESSING SITE SELECTION, DESIGN
OPTIONS
FOR MAJOR, NEW CARBON FIBER LINE
New Project Follows Carbon Fiber R&D and Q-3 Capacity
Investments
July 18, 2006
WEST PATERSON, N.J. - Cytec Industries Inc. (NYSE: CYT) has
completed the exploration phase of a major, new carbon fiber
line development initiative and has begun assessing site
selection and design details. This new project follows a carbon
fiber capacity expansion slated for later this year at Cytec’s
Greenville, S.C., plant as well as a sizeable carbon fiber
research and development expansion. Employing capital best
practices, Cytec is now framing the proposed new fiber line’s
technical, product and process definitions, which will lead to
the detailed design and final capital cost estimate in early
2007.
Cytec Engineered Materials President Steve Speak said, “In
response to the growing demand for carbon fiber materials, we’re
looking at a phased approach to more than double our carbon
fiber capacity at a capital cost in excess of $100 million.
Preliminary indications are that a new plant could be
operational as early as 2009. We’re dedicated to the aerospace
industry and would expect to benefit from this investment
primarily by using a large part of the additional carbon fiber
capacity in our advanced composites product line, which is
experiencing significant growth as a result of the secular trend
towards increased aerospace composites usage combined with
growing production rates.”
Speak added, “We’re also recommissioning and modernizing an
existing carbon fiber unit in South Carolina that has been idle
in recent years. It is expected to be up and running in the
third quarter of this year and will result in a 30 percent hike
in our annual carbon fiber capacity. These investments follow an
expansion of our carbon fiber R&D facilities begun in 2005 that
will be completed shortly.”
Cytec Industries CEO David Lilley said, “We continue to build on
our heritage of carbon fiber development, which includes the
breakthrough work of researchers who led the first commercial
carbon fiber production process. These investments will
ultimately enhance our ability to provide innovative, engineered
material solutions for the demanding challenges our customers
face.”
About Carbon Fiber
Carbon fibers act as a reinforcement material in advanced
composites used by aerospace and high-performance manufacturers
and offer advantages such as light weight, high tensile
strength, durability and resistance to corrosion and high
temperatures. More than 60 percent of Cytec’s carbon fiber
production is earmarked for use by Cytec Engineered Materials in
the manufacture of advanced composites, with the balance being
sold to third-party materials manufacturers also 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
environments. A business unit of Cytec Industries Inc., Cytec
Engineered Materials employs nearly 1,500 people at 10 plants
and four technology centers in North America and Europe 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 pro-forma sales in 2005 of
approximately $3.2 billion. Products serve a diverse range of
end markets including aerospace, adhesives, automotive and
industrial coatings, chemical intermediates, inks, mining,
plastics and water treatment. We use our technology and
application development expertise to create chemical and
material solutions that are formulated to perform specific and
important functions in customers’ finished products.
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