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Contact:
Jodi Allen
Investor Relations
(973) 357-3283
Cytec
Completes Acquisition of Umeco
Woodland Park, New
Jersey, July 20, 2012 – Cytec Industries Inc. (NYSE:CYT)
announced today the completion of its acquisition of Umeco Plc
(LSE: UMC.L), an international provider of advanced composite
and process materials. The $439 million acquisition supports
Cytec’s growth strategy to expand the Company’s presence in the
industrial sector and to strengthen its technology leadership in
advanced composites.
“We are excited about the completion of this transaction and
welcome Umeco employees to the global Cytec team,” said Shane
Fleming, Chairman, President and Chief Executive Officer of
Cytec. “We are confident the acquisition strengthens our
position as a leading manufacturer of advanced composite
materials and offers significant opportunities for growth and
value creation. We are all committed to a successful integration
of our businesses.”
The transaction is expected to be immediately accretive to
Cytec’s earnings per share with the EPS accretion for the
remainder of 2012 estimated to be $0.20 per share. The acquired
business will initially be reported as a separate segment. Cytec
expects that commencing January 1, 2013 its Engineered Materials
segment and the Umeco segment will be reformed into two new
segments, one for aerospace and the second for industrial
materials.
The closing follows the receipt of all necessary regulatory and
other approvals, including the approval of Umeco stockholders.
Use of Non-GAAP Measures
Management believes that earnings per share before special
items, which is a non-GAAP measurement, is meaningful to
investors because it provides a view of the Company with respect
to ongoing operating results. Special items represent
significant charges or credits that are important to an
understanding of the Company’s overall operating results in the
period presented. Such non-GAAP measurements are not recognized
in accordance with generally accepted accounting principles
(GAAP) and should not be viewed as an alternative to GAAP
measures of performance.
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. 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 composites, structural adhesives,
automotive and industrial coatings, electronics, inks, mining
and plastics.
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