Cytec Announces Update to Operating Segments
(Thomson Reuters ONE) -
Woodland Park, New Jersey, April 19, 2012 - Cytec Industries Inc. (NYSE:CYT)
announced today a change in its business segment reporting structure. The new
reporting structure is effective in the first quarter of 2012 and provides
greater clarity on the new strategic focus of the company. It also aligns with
the separation alternatives under consideration for Coating Resins and Pressure
Sensitive Adhesives. All product lines within the scope of the separation
evaluation are now under common management and grouped into one financial
reporting segment.
Going forward, Cytec's reportable operating segments will be as follow:
· The Engineered Materials segment now includes only the Advanced
Composites, Carbon Fiber, and Structural Film Adhesives product lines. The
Pressure Sensitive Adhesives product line has been consolidated within the
Coating Resins segment.
· The In Process Separation segment is unchanged, and includes the
Mining Chemicals and Phosphines product lines.
· The Additive Technologies segment previously included the Polymer
Additives and Specialty Additives product lines and now includes the Formulated
Resins product line. The Formulated Resins product line was previously included
in the Engineered Materials segment.
· The Coating Resins segment includes the following product lines:
Radiation-Cured Resins (Radcure Resins), Liquid Coating Resins and Additives
(including Waterborne Resins, Solventborne Resins, and Urethane Resins), Powder
Coating Resins, Amino Crosslinkers and Pressure Sensitive Adhesives. Pressure
Sensitive Adhesives was previously included in the Engineered Materials
segment.
Shane Fleming, Chairman, President, and Chief Executive Officer said, "The
realignment of our reportable operating segments is consistent with our long-
term view of the company and it will allow us to plan and execute on our
strategy more effectively. As we continue to shift our portfolio towards higher
growth and margin products, we will remain focused on building our growth
platforms to deliver double digit growth and returns to our shareholders."
Reflecting these changes at the end of this release are segment results for the
years ended December 31, 2011 and 2010. Also provided are each of the four
quarters for the years 2011 and 2010. We have also filed a current report on
Form 8-K dated April 19, 2012 and attached as exhibits to such report updated
items from our Annual Report on Form 10-K for the year ended December 31, 2011
that reflect the new segment reporting structure. There is no change to our
previously reported Consolidated Statements of Income, Consolidated Balance
Sheets, Consolidated Statements of Cash Flows, or Consolidated Statements of
Stockholder's Equity for the periods reported therein.
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 A. Allen
(973) 357-3283
New Segment Structure - 2011 and 2010 Restated:
http://hugin.info/146098/R/1604346/507592.pdf
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#1604346]
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Datum: 19.04.2012 - 16:07 Uhr
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