Cytec Receives EPA Regulatory Approval to Market ECO2FUME Phosphine Fumigant for Food Storage Applications.Business Editors WEST PATERSON, N.J.--(BUSINESS WIRE)--Sept. 26, 2000 Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) announced today that the company has received regulatory approval from the U.S. EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. to market ECO E·co , Umberto Born 1932. Italian writer best known for his novels, including The Name of the Rose (1981). He has also written extensively on semiotics and British and American popular culture. 2FUME(R) phosphine phosphine 1. PH3, a toxic war gas called hydrogen phosphide. 2. a coal tar dye; called Philadelphia yellow. fumigant fu·mi·gant n. A chemical compound used in its gaseous state as a disinfectant. for food applications, including grains, nuts and fruits. Cytec secured EPA approval in December 1999 to market the fumigant for non-food applications. ECO2FUME is an environmentally friendly, non-flammable fumigant that is easily applied to control insects in stored, post-harvest commodities. ECO2FUME fumigant can be an effective alternative to methyl bromide in stored product or structural applications and is the first new alternative approved by the U.S. EPA. Methyl bromide, an ozone-depleting chemical is currently being phased out, according to the provisions of the Montreal Protocol, and will be banned in all developed countries by 2005. The global market targeted for ECO2FUME fumigant is estimated at $40 million representing the post-harvest uses of methyl bromide as well as metallic phosphide fumigants. "This approval supports our continued strategy to invest in the technological growth of our core businesses to satisfy growing customer demands," said David Lilley, chairman, president and chief executive officer. "The approval also complements our global leadership position in other phosphine-based specialty markets." Cytec acquired the core assets of BOC (Bell Operating Company) One of 22 companies that was formerly part of AT&T and later organized into seven regional companies. See RBOC. Gases' global phosphine fumigants business in August 1999 for approximately M$4.5 including contingent payments. In addition to the current business, primarily in Australia, Cytec acquired the worldwide rights to BOC's ECO2FUME(R) trademark, other intellectual property, and existing and pending government regulatory registrations. Cytec Industries Inc. is a specialty chemicals and materials technology company with 1999 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 $2.73. Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, and water treatment. Cytec is in the S&P Mid-cap 400 index. |
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