Cytec Announces New $100 Million Share Repurchase Program
Cytec Industries Inc. (NYSE:CYT) announced that its Board of Directors has approved a new $100 million share repurchase program.
David M. Drillock, Vice President & Chief Financial Officer said, “We recently completed our prior program, also for $100 million and I am pleased to announce this new program as we seek to invest in the growth of our business and return surplus cash to our shareholders.” The new authorization represents about 3% of Cytec’s equity market capitalization at current prices. The repurchases will be made from time-to-time on the open market or in private transactions.
Mr. Drillock added, “Our strong balance sheet and cash flow provide the financial flexibility to invest in our business, pay dividends, and begin a new $100 million share repurchase program. We prioritize the use of our cash by making the necessary investments in safety, environmental and maintenance projects, investing in expansion and cost improvement capital projects and accretive bolt on acquisitions. These investments are carefully monitored in conjunction with our repurchase program to maintain adequate liquidity and our investment grade debt rating.”
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 involved 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.
Cytec Industries Inc. is a global specialty chemicals and materials company focused on developing, manufacturing and selling value-added products. Our products serve a diverse range of end markets including aerospace, adhesives, automotive and industrial coatings, chemical intermediates, inks, mining and plastics. We use our technology and application development expertise to create chemical and material solutions that are formulated to perform specific and important functions in the finished products of our customers.
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