Cytec Declares Quarterly Dividend/Reinstates Stock Buyback.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. -- 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) announced today that the company's Board of Directors declared a regular quarterly cash dividend of $0.10 per share on the common stock of the company, payable on February 26, 2007 to shareholders of record as of February 12, 2007. In addition, the company announced the reinstatement Reinstatement The restoration of an insurance policy after it has lapsed for nonpayment of premiums. of its stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program which was suspended in 2004 immediately following the announcement of the anticipated acquisition of Surface Specialties. The acquisition closed on March 1, 2005. Approximately $69 million is left under the buyback program. The repurchases will be made from time-to-time on the open market or in private transactions and will be utilized for stock based compensation plans and other corporate purposes. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Inc. is a global specialty chemicals and materials company focused on developing, manufacturing and selling value-added products. Our products serve a diverse range of end markets including aerospace, adhesives, automotive and industrial coatings, chemical intermediates, inks, mining and plastics. We use our technology and application development expertise to create chemical and material solutions that are formulated to perform specific and important functions in the finished products of our customers. |
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