Press Releases
Cytec Announces New $100 Million Share
Repurchase Program
Completes Current Authorization
WEST PATERSON, N.J. – December 12, 2007 - Cytec
Industries Inc. (NYSE:CYT) announced that its Board of Directors
has approved a new $100 million share repurchase program.
David M. Drillock, Vice President & Chief
Financial Officer said, “We recently completed our prior
program, also for $100 million and I am pleased to announce this
new program as we seek to invest in the growth of our business
and return surplus cash to our shareholders.” The new
authorization represents about 3% of Cytec's equity market
capitalization at current prices. The repurchases will be made
from time-to-time on the open market or in private transactions.
Mr. Drillock added, "Our strong balance sheet
and cash flow provide the financial flexibility to invest in our
business, pay dividends, and begin a new $100 million share
repurchase program. We prioritize the use of our cash by making
the necessary investments in safety, environmental and
maintenance projects, investing in expansion and cost
improvement capital projects and accretive bolt on acquisitions.
These investments are carefully monitored in conjunction with
our repurchase program to maintain adequate liquidity and our
investment grade debt rating."
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 involved 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 Industries Inc. is a global specialty chemicals and
materials company focused on developing, manufacturing and
selling value-added products. 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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