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|Cytec Announces Early Completion of its $650 Million Stock Buyback Program; Approves New $200 Million Buyback Authorization|
Woodland Park, New Jersey, June 6, 2013 - Cytec Industries Inc. (NYSE:CYT) announced today it expects to complete the current stock buyback authorization by June 11. At the completion the Company will have purchased approximately 9 million shares for $650 million since the program was announced on October 9, 2012 using proceeds from the sale of the Coating Resins business.
Following completion of the current authorization, the Company has also received approval by its Board of Directors for a new stock buyback authorization of up to $200 million. David Drillock, Vice President and Chief Financial Officer commented, "We have successfully completed the sale and separation of the Coating Resins business. The new Cytec business portfolio is predominately in growing markets with less demand volatility. It provides Cytec with an overall higher operating margin and we remain an excellent cash flow generator. With the Coatings separation process mostly behind us, mostly stable end markets and our positive outlook for Cytec's future, we feel it is appropriate to reward our shareholders with the remaining excess cash proceeds from the coating resins divestiture."
Forward-Looking and Cautionary Statements