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Woodland Park, New Jersey, Dec 9, 2011 - (ACN Newswire) - Cytec Industries Inc. (NYSE: CYT) announced today approval by the company's Board of Directors of an additional $200 million stock buyback authorization. The Company has essentially completed its prior authorization of $150 million announced in January of this year.
Shane Fleming, Chairman, President and Chief Executive Officer commented, "We are committed to increasing the value of Cytec to our shareholders and employees. We view stock buybacks as just one of the many opportunities we have before us for value creation."
The timing and total amount of share repurchases will depend upon market and business conditions and may be made from time to time in open market purchases, determined by management in its discretion. The repurchases will be made in compliance with, and at such times as permitted by, federal securities law and may be suspended or discontinued at any time. The Company expects to fund the repurchase program through cash and cash equivalents. As of September 30, 2011, the Company had approximately $406 million of cash and cash equivalents and 46.9 million shares of common stock outstanding.
Corporate Profile
Cytec's vision is to deliver specialty chemicals and materials technologies beyond our customers' imagination. Our focus on innovation, advanced technology and application expertise enables us to develop, manufacture and sell products that change the way our customers do business. Our pioneering products perform specific and important functions for our customers, enabling them to offer innovative solutions to the industries that they serve. Our products serve a diverse range of end markets including aerospace composites, structural adhesives, automotive and industrial coatings, electronics, inks, mining and plastics.
Contact:
Jodi Allen (Investor Relations)
+1-973-357-3283
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Source: Cytec Industries Inc via Thomson Reuters ONE
Copyright (c) Thomson Reuters 2011. All rights reserved.
Topic: Press release summary
Source: Cytec Industries Inc.
https://www.acnnewswire.com
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