Cytec Completes Sale of Its Criterion Catalyst Joint Venture.

Business Editors

WEST PATERSON, N.J.--(BUSINESS WIRE)--July 10, 2000

Cytec Industries Inc. (NYSE:CYT) said today that it has completed the sale of its 50% interest in Criterion Catalyst ("Criterion") to its joint venture partner, CRI International, Inc. (CRI), a company of the Royal/Dutch Shell Group of Companies, for cash consideration of approximately $60 million. The total value of the transaction, including 50% of Criterion's debt and other future considerations, is approximately $100 million.

Mr. David Lilley, Chairman, President and Chief Executive Officer said, "We are pleased to have concluded the sale of our interest in Criterion Catalyst to our partner. This action further streamlines Cytec and increases our focus on the growth of our Platform businesses. Proceeds from this disposition will support our Platform businesses' global expansion, new product development, operational excellence, and strategic acquisitions. Monetizing assets and re-deploying the cash is consistent with increasing the economic value of Cytec, a priority of our recently announced portfolio realignment."

"Our current share price continues to present an attractive opportunity to repurchase Cytec stock. Share repurchases, under the Board's existing $100 million authorization, will be balanced with investments in the growth of our Platform businesses, including strategic acquisitions. These actions and those we are taking over the next year will continue demonstrating our total commitment to executing our Strategic Plan for increasing shareholder value."

Corporate Profile

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, paper and water treatment. Cytec is in the S & P mid-cap 400 index.

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.