Cytec presents restructuring proposal for Botlek facility.
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)--Nov. 8, 1996--Cytec Industries Inc. (NYSE NYSE
See: New York Stock Exchange : CYT) announced that its Netherlands subsidiary, 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. BV, has presented to the Works Council Noun 1. works council - (chiefly Brit) a council representing employer and employees of a plant or business to discuss working conditions etc; also: a committee representing the workers elected to negotiate with management about grievances and wages etc and the unions representing its employees a proposal to restructure the Botlek, Netherlands plant.
The proposal is subject to negotiations with the Works Council and the unions, among other conditions.
Features of the proposed plan include a major re-engineering of the organization, relocation of certain manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. to other Cytec sites, a potential investment in a new polymer additives plant and staff reductions of up to 115 positions over a two year period, commencing with the implementation of the plan.
The Botlek plant manufactures a wide range of specialty chemicals. The total current staff level is approximately 360 positions.
Cytec Industries 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, West Paterson
Kumar Shah (analyst contact)
George Yuro, 201/357-3319