Woodland Park, New Jersey, June 6, 2013 - Cytec Industries Inc. (NYSE:CYT) announced today it expects to complete the current stock buyback authorization by June 11. At the completion the Company will have purchased approximately 9 million shares for $650 million since the program was announced on October 9, 2012 using proceeds from the sale of the Coating Resins business.
Following completion of the current authorization, the Company has also received approval by its Board of Directors for a new stock buyback authorization of up to $200 million. David Drillock, Vice President and Chief Financial Officer commented, "We have successfully completed the sale and separation of the Coating Resins business. The new Cytec business portfolio is predominately in growing markets with less demand volatility. It provides Cytec with an overall higher operating margin and we remain an excellent cash flow generator. With the Coatings separation process mostly behind us, mostly stable end markets and our positive outlook for Cytec's future, we feel it is appropriate to reward our shareholders with the remaining excess cash proceeds from the coating resins divestiture."
The Company anticipates the new stock buyback authorization to be completed by the end of September 2013. The extent to which the company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations. The repurchases will be made in compliance with, and at such times as permitted by, federal securities law and may be suspended or discontinued at any time.
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 material and chemical 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 and industrial materials, mining and plastics.
Contact:
Jodi Allen
Investor Relations
973-357-3283
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Source: Cytec Industries Inc via Thomson Reuters ONE
