Cytec Completes Acquisition of Inspec Mining Chemicals Business.WEST PATERSON West Paterson (păt`ərsən), borough (1990 pop. 10,982), Passaic co., NE N.J., a suburb of Paterson; inc. 1914. Electric, electronic, and photographic products are made in the borough. , N.J.--(BUSINESS WIRE)--Sept. 16, 1999-- Cytec Industries Cytec Industries is a specialty chemicals and materials technology company with pro-forma sales in 2004, including the Surface Specialties acquisition, of approximately $3.0 billion. Cytec is a result of its spin-off from American Cyanamid Company. Inc. (NYSE NYSE See: New York Stock Exchange :CYT) today announced that it has closed on its previously announced acquisition of Inspec Mining Chemicals (IMC (Internet Mail Consortium, Santa Cruz, CA, www.imc.org) An industry trade association founded in 1996 by Paul Hoffman and Dave Crocker that promotes Internet e-mail standards and features. ), a Chilean manufacturer of specialty mining chemicals. "This business will be part of Cytec's Mining Chemical business, joining along with two other recent acquisitions, Nottingham's industrial minerals product line and the Oreprep mineral processing mineral processing or ore dressing Mechanical treatment of crude ores to separate the valuable minerals. Mineral processing was at first applied only to ores of precious metals but later came to be used to recover other metals and nonmetallic minerals. business. These three acquisitions broaden the range of product and process technologies for our customers in this key area. We will also achieve synergies in manufacturing, sales and administration," said David Lilley, Chairman, President and Chief Executive Officer. This provides us a strategic manufacturing and research base in Chile and the service and support capabilities to meet the strong projected market growth in one of the world's largest copper-producing regions and further enhances our global leadership in mining chemicals," Lilley added. Company Profile Cytec Industries is a specialty chemicals and materials technology company with 1998 sales of $1.4 billion and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $2.68. Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, paper and water treatment. Cytec is in the S & P Mid-cap 400 index. |
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