2012-10-09 13:16:15 -
Woodland Park, New Jersey, October 9, 2012 - Cytec Industries Inc. (NYSE:CYT)
announced today approval by the company's Board of Directors of an additional
$452 million stock buyback authorization. The total authorizations outstanding
now amount to $650 million for the Company.
The Company expects to fund the repurchase program with a portion of cash
proceeds from the sale of its Coating Resins business expected in the first
quarter of 2013. 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.
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
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.
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Source: Cytec Industries Inc via Thomson Reuters ONE