Cytec Considering Divestiture and Other Strategic Options for Molding Compounds Business.WEST PATERSON, N.J.--(BUSINESS WIRE)--June 29, 1998--Cytec Industries Inc. (NYSE:CYT CYT - See You Tomorrow) announced today that it is considering the possible divestiture and other strategic options for its bulk and engineered molding compounds business unit. Bulk molding compounds are produced in Perrysburg, OH and include glass and mineral-filled polyester and vinyl ester compounds. They serve the automotive, electrical and consumer appliance markets in various applications, such as automotive valve covers and electric circuit electric circuit, unbroken path along which an electric current exists or is intended or able to flow. A simple circuit might consist of an electric cell (the power source), two conducting wires (one end of each being attached to each terminal of the cell), and a small lamp (the load) to which the free ends of the wires leading from the cell are attached. breakers. Engineered molding compounds are reinforced phenolic and epoxy products sold primarily to the electrical, automotive and electronic markets. Applications range from auto brake pistons to transformer components. Manufacturing facilities are located in Winona, MN and Delano, PA. The 1997 sales for the world-wide business were approximately $44 million. Cytec has retained The Harvest Group, Inc. an investment banking firm, to assist with the divestiture. "As we drive to excel in all our businesses, we continue to review our portfolio of products. The molding compounds business has performed well. However, we are reviewing the strategic alternatives available to us that provide our shareholders with the best return", said David Lilley, President and Chief Executive Officer of Cytec Industries Inc. Cytec Industries Inc. is a vertically integrated specialty chemical company which focuses on value-added specialty products. The company develops, manufactures and markets specialty chemicals, specialty materials and building block chemicals serving a broad group of end users, including aerospace, plastics, coatings, mining, paper, water treatment, and automotive industries.
CONTACT: Cytec Industries Inc.
Kumar Shah (analyst contact)
(973) 357-3298
George Yuro
(973) 357-3319
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