Cytec announces closing of underwriters' overallotment options.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)--Dec. 4, 1995--Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) announced that the underwriters of its recently completed public offering of 3.2 million shares of Cytec common stock have exercised approximately 80 percent of their overallotment options and purchased an additional 254,500 shares of Cytec common stock to cover short positions which they established during the offering. The remainder of the options expired unexercised. The company will use the proceeds of the overallotment shares to prepay bank borrowings. The company now has approximately 16.7 million shares of common stock outstanding. The net effect of the repurchase by the company in early November of its Series B 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 was convertible into 5,553,537 shares of common stock, and the issuance of 3,454,500 shares in the public offering is to reduce by approximately 10.9 percent of the number of common shares used in the calculation of fully 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 before giving effect to the weighting for average time outstanding. 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 and 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 Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר . The company's building block chemicals are used internally and marketed externally. Cytec operates over 30 manufacturing, research and development, and distribution facilities primarily in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Mexico, the United Kingdom and the Netherlands. The company employs approximately 4,000 people in the United States and approximately 1,000 people in other countries. In addition, the company has a 50 percent interest in five unconsolidated associated companies. CONTACT: Cytec Industries, West Paterson Kumar Shah, 201/357-3298 (analyst contact) George Yuro, 201/357-3319 |
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