Cytec to Sell Its Share of Criterion Catalyst Joint Venture.

Business Editors

WEST PATERSON, N.J.--(BUSINESS WIRE)--May 18, 2000

Cytec Industries Inc. (NYSE:CYT) said today that it has reached a definitive agreement to sell its 50% interest in Criterion Catalyst ("Criterion") to its joint venture partner CRI International, Inc. (CRI), a company of the Royal/Dutch Shell Group of Companies for cash consideration of $60 million. The total value of the transaction, including 50% of Criterion's debt and other future considerations, is approximately $100 million. Closing of the transaction is subject to regulatory approval and conditions of final closing.

Mr. David Lilley, Chairman, President and Chief Executive Officer said, "We are pleased to have reached mutually agreeable terms for the sale of our partnership interest in Criterion Catalyst to our partner, and we wish CRI and all the employees of Criterion well in their future endeavors."

Mr. Lilley continued, "This action further streamlines Cytec and increases our focus on the growth of our Platform businesses. Monetizing assets and re-deploying the cash is consistent with increasing the economic returns of Cytec, an element of our recently announced portfolio realignment. Proceeds from this disposition will support our Platform businesses' global expansion, new product development, operational excellence, and strategic acquisitions.

"Our share price presents an opportunity to continue repurchasing Cytec stock under the current $100 million authorization. This will be balanced with investments in the growth of our Platform businesses. The actions we have taken and those we will take over the next year will continue to demonstrate the total commitment of Cytec Industries to increasing shareholder value."

Mr. James P. Cronin, Executive Vice President and Chief Financial Officer said, "The Company believes, in all material respects, that the total proceeds of this transaction will allow it to recover the carrying value of its investment in Criterion and related loans."

Corporate Profile

Cytec Industries Inc. is a specialty chemicals and materials technology company with 1999 sales of $1.4 billion and diluted earnings per share of $2.73. Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, paper 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 Reform 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.