Cytec Sells Real Estate For $8.3 Million.Business Editors 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. , NJ--(BUSINESS WIRE)--June 2, 2000 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 it had completed the sale of real estate at the site of a former plant. Cash proceeds, net of expenses, are $8.3 million and will result in a pretax gain of $7.1 million ($4.7 million after tax or $0.11 per diluted share using the first quarter effective tax rate and share basis) which will be recorded as other income in the quarter ending June 30, 2000. James P. Cronin, Executive Vice President and Chief Financial Officer commented, "This transaction is part of our ongoing plan to monetize non-operating real estate, and certain other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . This is consistent with our strategic plan to streamline and focus Cytec's portfolio. The proceeds will be invested in the disciplined growth of our Platform businesses." Company Profile 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, which include aerospace, plastics, industrial coatings, mining, and water treatment. Cytec is in the S&P Mid-cap 400 index. 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 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. Act 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. |
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