Cytec Industries Clarifies Status of Lead Paint Litigation.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)--October 13, 1999-- Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) said that the report in today's Wall Street Journal regarding a suit brought by the State of Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. required certain clarifications: -- Neither Cytec nor, to the best of our knowledge its predecessor, American Cyanamid Company, was ever a lead paint manufacturer. -- Cytec has been involved in several lead pigment cases, beginning approximately in 1993. The status of this litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. has been reported in Cytec's annual and quarterly filings with the SEC. Cytec has never been found liable or paid any settlements in any of those cases. -- In all prior cases, Cytec's involvement has been as an alleged successor to the lead pigments business of MacGregor Lead Company, from which Cyanamid cy·an·am·ide also cy·an·am·id n. 1. A caustic acidic crystalline compound, NHCNH, prepared by treating calcium cyanamide with sulfuric acid. 2. Calcium cyanamide. Noun 1. bought certain assets in 1971. Cytec's position in those cases is that it is not liable as a successor to MacGregor Lead. Company Profile 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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