Cytec to explore alternative strategies for acrylic fibers business.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)--May 7, 1996--Cytec Industries Inc. (NYSE NYSE See: New York Stock Exchange :CYT) announced today its decision to explore all strategic options available to enhance the value of its acrylic fibers business including the possible sale of the business. To assist in this effort Cytec has retained Goldman, Sachs & Co. Cytec is one of only two producers of acrylic fibers 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. and Canada and markets its products domestically and to a number of export markets. Acrylic fibers are used to make a wide variety of apparel such as activewear, fleecewear, socks and sweaters and also are used in a number of industrial applications such as a replacement for asbestos in brake pads. Cytec manufactures acrylic fibers at its Santa Rosa Santa Rosa, city, Argentina Santa Rosa, city (1991 pop. 80,629), capital of La Pampa prov., central Argentina. It is a modern city and road junction surrounded by a rich agricultural and cattle-raising area. facility near Pensacola, Florida
"This is yet another step in our drive to become a premier specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. company. The fibers business has performed well, increased its productivity, and developed new fashion and industrial applications for acrylic fibers. However, Cytec's core competencies in chemical technology and applications development are better directed at our other specialty chemicals and materials businesses," said Darryl D. Fry, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cytec. He added, "We want to develop alternatives that provide opportunities for this business to develop to its full potential, and enhance shareholder value by allowing Cytec to concentrate on its core businesses." 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 Inc., West Paterson Kumar Shah (Analyst), 201/357-3298 or George Yuro, 201/357-3319 |
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