Cytec Plans Additional $200 Million in Buybacks by September

Specialty chemicals and materials maker Cytec Industries  (NYSE: CYT  ) announced this morning that it will be completing its previously authorized $650 million share repurchase program that it had announced last October, and the board of directors has authorized a new $200 million buyback plan.

Cytec said it should complete the original program by June 11, at which time it will have bought back some 9 million shares. It will use the proceeds from the sale of its coatings business to finance the new repurchase program. It anticipates the new stock buyback authorization will be completed by the end of September.

Cytec VP and CFO David Drillock said: "With the coatings separation process mostly behind us, mostly stable end markets, and our positive outlook for Cytec`s future, we feel it is appropriate to reward our shareholders with the remaining excess cash proceeds from the coating resins divestiture."

Based in Woodland Park, N.J., Cytec Industries recorded revenues of $1.8 billion in the trailing 12-month period ending March 31.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2475732, ~/Articles/ArticleHandler.aspx, 9/2/2014 12:45:16 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement