Albemarle, Cytec, GE Specialty Chemicals Announce Intent to Launch Comprehensive Polymer Additives Internet Resource.

Business Editors

WEST PATERSON, N.J.--(BUSINESS WIRE)--July 17, 2000

World-class Suppliers To Develop New

Polymer Additives Internet Portal

Albemarle Corporation (NYSE:ALB), Cytec Industries Inc. (NYSE:CYT), and GE Specialty Chemicals, Inc., a subsidiary of General Electric Company (NYSE:GE), three world-class suppliers in the specialty chemicals and polymer additives industry, announced today their intention to form a new business-to-business Internet joint venture, PolymerAdditives.com, LLC.

The purpose of the new venture will be to provide a faster, more efficient way to buy complementary brand name products and services directly from trusted suppliers. The formation of the joint venture is expected to be completed within the next sixty (60) days.

When it becomes operational this fall, PolymerAdditives.com, LLC will operate a fully functional e-commerce site (http://www.polymeradditives.com) and will offer customers complete order fulfillment and warehousing capability. In addition they will have the ability to access product and formulation information at any time.

Each of the three member companies will own one-third of the planned joint venture, and each member will bring its own area of specialization and complementary products to the venture. When the site is launched, customers will be able to purchase Albemarle's flame retardants and phenolic antioxidants, Cytec's UV and other stabilizers and antistatic agents, and GE Specialty Chemicals' phosphite antioxidants and impact modifiers in one transaction on www.polymeradditives.com. The new site will make available to customers a broad array of complementary polymer additives in one convenient location on-line.

PolymerAdditives.com will allow customers to go directly to suppliers for a variety of their polymer needs, and will offer real-time, around-the-clock access to inventory, pricing, order and shipping information. In addition to providing more efficient purchasing options for customers, PolymerAdditives.com will have a large, comprehensive database of polymer information. Compounders, formulators and others will have real-time, 24 x 7 access to technical information, such as MSD sheets and certifications.

"PolymerAdditives.com will be a new channel that allows established polymer additive manufacturers to better service customers and potential customers," said Bob Fines, president of GE Specialty Chemicals. "PolymerAdditives.com is not a startup company or third-party Internet exchange; it's a site that will offer proven products from respected companies with the efficiency and accessibility of the Internet. We will utilize our experienced commercial and technological teams to become the one-stop e-commerce source for polymer additives," added Fines.

"The opportunity to offer customers well-known and trusted complementary products from three established companies using the Internet as a sales channel is exciting," said Mark Rohr, Albemarle's president and chief operating officer. "Our customers have told us they would value the ability to purchase a broad portfolio of polymer additives from a single point, and PolymerAdditives.com offers that ability in a very unique way. This venture also fits with Albemarle's global growth strategy for polymer chemicals and our e-Business goals."

John Boles, president, Polymer Additives at Cytec said, "PolymerAdditives.com is about enhanced productivity, speed, technical information and added value for our customers. The opportunity to join with Albemarle and GE Specialty Chemicals in this venture makes good sense. It's technologically sound, it's good for our customers and it's good for our shareholders. This Internet site will give us a vehicle for growth and will enable us to rapidly bring forth new and innovative products."

Cytec Industries Inc. is a specialty chemicals and materials technology company with 1999 sales of $1.4 billion and diluted earnings per share of $2.73. Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, and water treatment. Cytec is in the S&P mid-cap 400 index.

For additional information on Albemarle Corporation visit http://www.albemarle.com.

For additional information on Cytec Industries visit http://www.cytec.com.

For additional information on GE Specialty Chemicals visit http://www.gespecialtychemicals.

Cytec 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.