Cytec announces additional $200 million stock buyback authorization
(Thomson Reuters ONE) -
WOODLAND PARK, N.J., December 8, 2011 -- 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)
(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#1570216]
Unternehmensinformation / Kurzprofil:
Datum: 08.12.2011 - 22:17 Uhr
Sprache: Deutsch
News-ID 95421
Anzahl Zeichen: 2661
contact information:
Town:
New Jersey - NJ
Kategorie:
Business News
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