Cytec Announces Update to Operating Segments
Tuesday January 31, 1:54 pm ET
WEST PATERSON, N.J.--(BUSINESS WIRE)--Jan. 31, 2006--Cytec Industries Inc. announced today a refinement to its segment reporting structure implemented in the fourth quarter of 2005 based on the creation of the Cytec Specialty Chemicals unit announced in October, 2005. We will continue to report our Cytec Specialty Chemicals results in two segments: Cytec Performance Chemicals, previously called Cytec Performance Specialties and Cytec Surface Specialties. However, the specialty adhesive and urethane product lines, with annual revenues in 2005 of approximately $160 million, are moving from Cytec Surface Specialties to Cytec Performance Chemicals. This refinement better reflects the customer perspective, how we run the business and manage the assets. Cytec Surface Specialties is now made up of product lines that enhance the surface qualities of products primarily in the global coatings and inks markets. Cytec Performance Chemicals is comprised of specialty chemical product lines servicing a variety of industrial global markets including mining, plastics, adhesives, and water treatment.
David Lilley, Chairman, President and Chief Executive Officer said, "The new Cytec Specialty Chemicals organization, headed by Shane Fleming, is focused on delivering earnings growth through developing new products, geographic expansion and operational excellence programs such as business process improvements and cost efficiencies in the areas of manufacturing, procurement, supply chain and various other support functions. Shane and his strong team have a number of challenges ahead of them but I am confident that this realignment of the product lines will bring greater focus on the growth opportunities in each segment."
A brief summary of our reportable segments reflecting the realigned product lines is as follows:
- Cytec Performance Chemicals - Includes water treatment chemicals, mining chemicals, specialty additives and phosphines, polymer additives, specialty adhesives and urethanes.
- Cytec Surface Specialties - Includes radcure resins, powder resins and liquid coating resins.
- Cytec Engineered Materials is unchanged.
- Building Block Chemicals is unchanged.
Segment results by quarter and full year 2004 and the first three quarters of 2005 reflecting this change are provided at the end of this release.
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 our 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 with estimated sales in 2005 of approximately $3.0 billion. Our products serve a diverse range of end markets including aerospace, adhesives, automotive and industrial coatings, chemical intermediates, inks, mining, plastics and water treatment. We use our technology and application development expertise to create chemical and material solutions that are formulated to perform specific and
Source: Cytec Industries Inc.
Engineering News Archive