Cytec Announces Restart of Carbon Fiber Expansion Also Expanding Composites Manufacturing in US
(Thomson Reuters ONE) -
Woodland Park, New Jersey, June 5, 2012 - Cytec Industries Inc.'s (NYSE:CYT)
Board of Directors has approved restart of a carbon fiber manufacturing
expansion project at the company's Piedmont, South Carolina facility as well as
commencement of a prepreg manufacturing expansion project at the company's site
in Greenville, Texas. Both projects support growing demand for Cytec's composite
materials in the aerospace industry.
The project in South Carolina will provide additional capacity for manufacture
of our polyacrylonitrile-based (PAN-based) carbon fiber production including
precursor manufacturing and carbonization. Cytec uses these fibers in the
manufacture of carbon fiber reinforced composite prepregs which are widely used
in both commercial and military aerospace applications. Construction is expected
to be completed by the end of 2013 with industrial fiber production expected in
2015 and aerospace qualified fiber production expected in 2016.
The Greenville, Texas project includes a building expansion and associated
infrastructure to support a new impregnation line which will increase the site's
prepreg capacity by 20%. Commercial production in the new facility is expected
to begin in 2015. David Snyder, Vice President of Operations for Engineered
Materials, added, "We are excited about the growth of our production
capabilities in Greenville and Piedmont and what it means for both our customers
and the communities in which our facilities operate. We look forward to
continuing our strong relationships and to continued growth and success of our
operations at both sites."
In addition to the above expansions, Cytec's Michigan site is increasing its KM
polymer capacity, an important raw material used in the production of certain
prepregs. The first phase of this project is expected to be completed by the
end of 2012 and will increase capacity by 25%. A second phase of expansion is
also planned which will double the capacity for this material by early 2014.
The combined expansions will provide capacity for growing demand from the Joint
Strike Fighter, new Boeing progams such as 787 and 747-8, new Bombardier
programs, and general build rate increases in Cytec's legacy civil transport,
business jet, and helicopter businesses. "Aerospace manufacturers are
increasingly turning to composite materials to reduce aircraft weight and
improve fuel efficiency. Our investments in carbon fiber and prepreg show our
commitment to supporting the industry growth by optimizing supply capability for
our customers," said Bill Wood, President, Engineered Materials.
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 Allen
Investor Relations
(973) 357-3283
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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
[HUG#1617462]
Unternehmensinformation / Kurzprofil:
Datum: 05.06.2012 - 22:05 Uhr
Sprache: Deutsch
News-ID 153504
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contact information:
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Kategorie:
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