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Cytec Completes Dissolution of JV with Mitsui Chemicals - Obtains 100% of Coatings Business.

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Cytec Industries Inc. (NYSE:CYT) announced it has completed its previously announced dissolution of Mitsui-Cytec Ltd., its joint venture (JV) with Mitsui Chemicals Inc. (Mitsui). Cytec now owns 100% of the JV's existing coatings resins business including a manufacturing facility in Shimonoseki, Japan, and certain technology rights associated with the water treating business in most of Asia. Mitsui now owns 100% of the JV's existing water treating business and the JV's water treatment manufacturing facility in Mobarra, Japan. The JV was originally formed in 1976 and total sales in 2002 were approximately $59 million, of which approximately $21 million were attributable to the coatings resins business now owned by 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.

Corporate Profile

Cytec Industries is a specialty chemicals and materials technology company with sales in 2002 of $1.3 billion. Its growth strategies are based on developing technologically advanced customer solutions for global markets including: aerospace, plastics, industrial coatings, mining, and water treatment.
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Publication:Business Wire
Geographic Code:9JAPA
Date:Oct 3, 2003
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