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.
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