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Woodland Park, New Jersey, Apr 20, 2012 - (ACN Newswire) - Cytec Industries Inc. (NYSE:CYT) announced today a change in its business segment reporting structure. The new reporting structure is effective in the first quarter of 2012 and provides greater clarity on the new strategic focus of the company. It also aligns with the separation alternatives under consideration for Coating Resins and Pressure Sensitive Adhesives. All product lines within the scope of the separation evaluation are now under common management and grouped into one financial reporting segment.
Going forward, Cytec's reportable operating segments will be as follow:
- The Engineered Materials segment now includes only the Advanced Composites, Carbon Fiber, and Structural Film Adhesives product lines. The Pressure Sensitive Adhesives product line has been consolidated within the Coating Resins segment.
- The In Process Separation segment is unchanged, and includes the Mining Chemicals and Phosphines product lines.
- The Additive Technologies segment previously included the Polymer Additives and Specialty Additives product lines and now includes the Formulated Resins product line. The Formulated Resins product line was previously included in the Engineered Materials segment.
- The Coating Resins segment includes the following product lines: Radiation-Cured Resins (Radcure Resins), Liquid Coating Resins and Additives (including Waterborne Resins, Solventborne Resins, and Urethane Resins), Powder Coating Resins, Amino Crosslinkers and Pressure Sensitive Adhesives. Pressure Sensitive Adhesives was previously included in the Engineered Materials segment.
Shane Fleming, Chairman, President, and Chief Executive Officer said, "The realignment of our reportable operating segments is consistent with our long-term view of the company and it will allow us to plan and execute on our strategy more effectively. As we continue to shift our portfolio towards higher growth and margin products, we will remain focused on building our growth platforms to deliver double digit growth and returns to our shareholders."
Reflecting these changes at the end of this release are segment results for the years ended December 31, 2011 and 2010. Also provided are each of the four quarters for the years 2011 and 2010. We have also filed a current report on Form 8-K dated April 19, 2012 and attached as exhibits to such report updated items from our Annual Report on Form 10-K for the year ended December 31, 2011 that reflect the new segment reporting structure. There is no change to our previously reported Consolidated Statements of Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, or Consolidated Statements of Stockholder's Equity for the periods reported therein.
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.
Corporate Profile
Cytec's vision is to deliver specialty chemical and material 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. These 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 A. Allen
+1-973-357-3283
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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cytec Industries Inc via Thomson Reuters ONE
Copyright (c) Thomson Reuters 2012. All rights reserved.
Topic: Press release summary
Source: Cytec Industries Inc.
https://www.acnnewswire.com
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