Cytec Completes Exit of Methanol J.V. in Building Block Chemical Segment.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)--Dec. 6, 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) confirmed today it has concluded the sale to Methanex Corporation of its 30% interest in their manufacturing joint venture. Completion of the transaction was awaiting routine approval which has been received. The Cytec and Methanex joint venture had operated a methanol plant at Cytec's Fortier, LA chemical complex. The sale to Methanex was initially announced on November 19, 1999. 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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