Cytec Considering Divestiture and Other Strategic Options for Molding Compounds 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)--June 29, 1998--Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) 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 Vinyl Ester, or Vinylester, is a resin produced by the esterification of an epoxy resin with an unsaturated monocarboxylic acid. The reaction product is then dissolved in a reactive solvent, such as styrene, to a 35 - 45 percent content by weight. compounds. They serve the automotive, electrical and consumer appliance markets in various applications, such as automotive valve covers and electric circuit breakers Circuit breakers Measures instituted by exchanges to stop trading temporarily when the market has fallen by a certain percentage in a specified period. They are intended to prevent a market free fall by permitting buy and sell orders to rebalance. . Engineered molding compounds are reinforced phenolic phe·no·lic adj. Of, relating to, containing, or derived from phenol. n. Any of various synthetic thermosetting resins, obtained by the reaction of phenols with simple aldehydes and used as adhesives. 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 David William Lilley (born 31 October 1977, in Bellshill) is a Scottish professional footballer currently playing for Scottish Premier League club Kilmarnock. Lilley, a defender began his career at Queen of the South and had spells with Aberdeen, Ross County (on loan) and , 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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