Cytec announces 10 percent stock repurchase.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)--Feb. 15, 1996--Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange : CYT) announced today that its board of directors authorized the company to repurchase up to 1.7 million shares (approximately 10 percent) of the company's common stock. The repurchases will be made from time-to-time on the open market or in private transactions and will be utilized for stock option plans, benefit plans and other corporate purposes. Darryl D. Fry, chairman, president and chief executive officer, commented, "We have demonstrated our ability to generate cash and after funding the needs of our businesses believe that this repurchase program is the best utilization of our cash. We intend to fully deploy our financial assets Financial assets Claims on real assets. to further enhance shareholder value." Fry further noted: "Last year we were able to redeem our convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". which had the net impact of reducing fully diluted common shares by approximately 11%. Our current repurchase program is a natural follow-up to the preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. transaction and represents a further potential decrease of 10% of common shares." Company Profile 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. is a vertically integrated industrial 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 the water treatment, paper, mining, coatings, plastics, aerospace, textile and automotive industries. CONTACT: Cytec Industries Inc. Kumar Shah (analyst contact), 201/357-3298 or George Yuro, 201/357-3319 |
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